Bitcoin Mining Council faces critics

Some Twitter users called the council "an attack on Bitcoin" while others claimed the group would drive the currency's mining and transaction costs higher, amount to a bigger waste of energy and make it less viable for payments.....»»

Category: topSource: foxnewsMay 25th, 2021

Bitcoin mining will contribute just 0.9% to total global emissions by 2030, even in the most bullish price scenario: NYDIG

Bitcoin mining will only contribute to 0.9% of global carbon emissions even if the coin's price were to hit a mind-boggling $10 trillion by 2030. Mining machines FEDERICO PARRA / Getty Images Even if bitcoin hit $10 trillion by 2030, its emissions would still only account for less than 0.9% of the global total, an NYDIG report said. Bitcoin mining currently produces fewer carbon emissions than aviation or air conditioning, the report said. Back in 2019, bitcoin already used as much energy as the Philippines, according to Cambridge University data. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Bitcoin mining will only contribute to 0.9% of global carbon emissions even if the coin's price were to hit a mind-boggling $10 trillion by 2030, according to a report by crypto technology company New York Digital Investment Group (NYDIG) earlier this week. Bitcoin's emissions are mostly driven by the carbon intensity of the energy sources and consumption of the miners that scour the network. Bitcoin creation depends upon a "proof of work" system, where miners compete to assemble transactions on the blockchain and this requires vast amounts of power, much of it currently derived from fossil fuels. In the past, bitcoin has faced a lot of criticism because of its energy consumption. Already in 2019, bitcoin already used as much energy as the Philippines, according to Cambridge University data. Elon Musk said on Twitter back in May that his Tesla electric vehicle maker would no longer accept any payment in bitcoin over concerns that its fossil fuel use was rapidly increasing. However, the NYDIG report showed the situation is not quite as dire as many might fear."Bitcoin's absolute electricity consumption and carbon emissions are not significant in global terms," NYDIG said in its report.Bitcoin mining only represents 0.1% of global carbon emissions right now, which was 33 million tonnes of carbon dioxide (MtCO2) in 2020, less than what aviation or air conditioning produces, the report said. After the Chinese crackdown on mining, bitcoin mining fell from consuming 92 terawatt hours (TWh) in March this year, to just 49 TWh by July, the report showed. NYDIG said it had calculated the future energy consumption of bitcoin miners based on price trajectory, miners' energy mixes, activity, locations, economics, power prices and transaction fee volumes. Prior to China's crackdown, most of the world's bitcoin miners were located there. But many have since relocated to countries that offer more environmentally friendly power sources, such as Iran or the United States. "Over the longer term, the intensity of bitcoin's carbon emissions (and with it bitcoin's absolute carbon emissions) will decline, as the development of renewables continues and countries strive to decarbonize their electricity grids," the report said.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 22nd, 2021

Bitcoin Mining Produces 30,700 Tons Of Waste Every Year

According to estimates by researchers Alex de Vries and Christian Stoll, bitcoin mining produces almost 30,700 tons of waste in electronic waste every year. As cryptocurrencies become more common, they are likely to grow into a bigger environmental problem. Q2 2021 hedge fund letters, conferences and more Bitcoin Mining, An Environmental Issue The BBC reports […] According to estimates by researchers Alex de Vries and Christian Stoll, bitcoin mining produces almost 30,700 tons of waste in electronic waste every year. As cryptocurrencies become more common, they are likely to grow into a bigger environmental problem. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q2 2021 hedge fund letters, conferences and more Bitcoin Mining, An Environmental Issue The BBC reports that, according to the researchers’ estimates, the 30,700 tons average 272g (9.5oz) per transaction, while an iPhone 13 weighs 173g (6.1oz). This is because bitcoin mining utilizes a large amount of energy. “Attention has been focused on the electricity this consumes –currently more than the Philippines– and the greenhouse gas pollution caused as a result.” Amid the calculations, the computers that miners use for bitcoin mining have an average lifespan of 1.29 years, which results in thousands of e-waste tons annually. “The amount of e-waste produced is comparable to the ‘small IT and telecommunication equipment’ waste of a country like the Netherlands researchers said  –a category that includes mobile phones, personal computers, printers, and telephones.” According to Quartz, any downtime in the bitcoin mining system makes the next coin harder to earn, “and the only way to get an edge over competitors is to run more computers.” So, when the price of bitcoin increases, so does the mining activity, the energy usage, and the carbon footprint. Bitcoin Mining Efficiency In the quest for using increasingly efficient processors that consume less, the bitcoin industry has come across highly specialized chips that go by the name of “Application Specific Integrated Circuit” or ASIC. However, according to the researchers, once they become obsolete, these chips cannot be reused since “they cannot be repurposed for another task or even another type of cryptocurrency mining algorithm." These findings are seen against some critical data, which states that as little as 17% of all electronic waste is recycled, partly due to a lack of laws that define what to do with the products that complete their life cycle. Further, electronic devices are becoming increasingly expensive due to the global chip shortage, as industries like automotive and consumer goods have had to reduce their production output and are struggling to keep up with the demand. The experts told the BBC that “The rapid passage of millions of devices used for cryptocurrency mining may disrupt the global supply chain for other electronic devices.” To lessen the environmental effect of bitcoin mining, they believe it is necessary to switch to another mining system that utilizes less hardware. Updated on Sep 22, 2021, 9:17 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkSep 22nd, 2021

What to know about staking - the process of locking up crypto holdings to earn rewards and interest

In the cryptocurrency world, coin staking is the process of locking up coins to support a blockchain network. Here's what to know. Insider Staking is the process of delegating or locking up crypto holdings to earn rewards. Some of the rewards you can earn from staking are earning additional tokens and getting some voting rights. Staking is also risky since crypto is volatile, you may need to pay fees, and won't have access to your holdings should you need to access. Visit Insider's Investing Reference library for more stories. While many crypto investors mine in order to gain more assets, there is another option available to some investors: Crypto staking. Crypto staking involves "locking up" a portion of your cryptocurrency for a period of time as a way of contributing to a blockchain network. In exchange, stakers can earn rewards, typically in the form of additional coins or tokens. What is crypto staking? Crypto staking is similar to depositing money in a bank, in that an investor locks up their assets, and in exchange, earns rewards, or "interest.""Staking is a term used to refer to the delegating of a certain number of tokens to the governance model of the blockchain and thus locking them out of circulation for a specified length of time," says Nicole DeCicco, the owner and founder of CryptoConsultz, a cryptocurrency consultancy in the Portland, Oregon area. A particular network's protocol locks up an investor's holdings - similar to depositing money in a bank, and agreeing not to withdraw it for a set time period, which benefits the network in a couple of ways, according to DeCicco.First, this can increase the value of a token by limiting the supply. Second, the tokens can be used to govern the blockchain if the network uses a proof-of-stake (PoS) system. A PoS system - as opposed to a proof-of-work (PoW) one, which incorporates "mining" - can be fairly complicated, especially for crypto newcomers.In PoS systems, coins are staked to forge new blocks in the blockchain, for which participants are rewarded. "Winners are selected through randomization, ensuring no single entity will gain a monopoly over forging," says DeCicco.The process is simplified for crypto exchange users, says Jeremy Welch, chief product officer at Kraken, one such crypto exchange. On Kraken, Welch says staking is as easy as "going to the staking page [on the user's interface], specifying the amount you want to stake, and hitting submit."Welch also says that setting up a staking system on your own can be quite difficult. "You need to maintain and run a node yourself. And you need to know the crypto's infrastructure," he adds, which may require background knowledge many investors won't have.Depending on how much of their total holdings are being staked, and the length that they're being staked for, a staker can earn a proportional reward by forging. Stakers can also pool their holdings to meet any required minimums, too, into a "staking pool." It's also possible to "cold stake" on some networks, which involves staking coins or tokens that are held in a "cold" wallet, or one that is kept offline. Quick tip: The potential rewards you can reap from staking are directly influenced by how much you're willing to put at, well, stake. Keep that in mind when deciding what percentage of your holdings that you stake or delegate to a staking pool.Coins you can stakeWhile not every cryptocurrency can be staked, most can. For instance, DeCicco says that seven of the ten most popular current coins can be staked. Here are some examples:Ethereum: Previously employed a PoW system, Ethereum is now moving to PoS. To stake Ethereum on your own, you'll need a minimum of 32 ETH to become a validator, and you'll then "be responsible for storing data, processing transactions, and adding new blocks to the blockchain," according to the Ethereum site.Cardano: Investors can also delegate Ada - the Cardano network's cryptocurrency - to staking pools to earn rewards. Cardano users can even set up their own staking pools, too, assuming they have the technical know-how to create and administer one. Solana: Solana, or SOL, can likewise be staked or delegated to a staking pool, assuming an investor uses a digital wallet that supports it. From there, it's a matter of selecting a validator and deciding how much you'd like to stake. Staking rewards There are many benefits and rewards to staking. Here are some of the most prominent:Earn additional tokens. This is the big one - increasing your individual stash of tokens or coins. Stakers aren't guaranteed anything, as the process of forging new blocks and doling out rewards is randomized, but stakers do "earn interest," so to speak, by staking. Staking is less resource-intensive. As opposed to crypto mining, staking consumes far fewer resources, which may help you sleep at night. Plus, staking is "servicing the ecosystem by making tokens more rare," says DeCicco, which can increase the value of your holdings.Stakers get voting rights and participation. As mentioned, stakers are more entrenched in a specific ecosystem or blockchain network, which may give them more clout as to what happens next with a specific cryptocurrency. "It's similar to owning stock in a company. By staking, you're getting voting rights," says Welch. Staking can be an easy way to grow holdings. For investors using an exchange, staking can be as easy as toggling a few switches to set things up. From there, they can watch their holdings grow. It's a hands-off, easy way to keep investing, while putting in very little effort.Risks of staking As with any type of investment, staking has its risks. While it's unlikely that you'll see your entire account go kaputz overnight, as may happen with certain stocks, there are some things to be aware of before you start staking: Crypto is volatile. First and foremost, cryptocurrency is a volatile investment, and as such, price swings are common. The volatile nature of crypto and corresponding price swings can have you rethinking your strategy on a daily basis - so, volatility is something to keep in mind. Lock-up periods. Staking involves locking up your funds for a period of time, and if you lock up your holdings for months (or years), you won't have access to them for some time. Also important: There may not be a way to "unstake" your holdings once you start.Beware of "slashing." If you're staking outside of an exchange, by setting up and configuring your own node, you may make a mistake and incur penalties. This is called "slashing," and is used against "validators that are performing poorly or dishonestly," says Welch. The result? "A portion of the funds can be taken as a penalty," he adds.Fees. Yes, there are fees associated with staking, particularly if you do so through an exchange. The fees vary by exchange, but Welch says they're typically a percentage of a staker's rewards.Quick tip: Be sure you know what you're doing if you plan to stake cryptocurrency outside of an exchange. It's a process that requires some in-depth technical background and knowledge, and if done incorrectly, may end up costing you.The financial takeawayStaking can be a good way for crypto investors to put their holdings to work, earning them interest and rewards. Plus, it can get you involved in the governance and validation side of blockchain networks, which may be something of interest to certain investors. It may be useful to think of staking as owning a stock and earning dividends, or even putting money in a bank account and earning interest. It can be a relatively low-lift way to grow your account, but be sure to do your homework, and know the risks of staking before starting.What is Bitcoin? A beginner's guide to the world's most popular type of cryptocurrency, and tips for investing in itDigital assets are becoming the new normal - here's how to buy cryptocurrencyWhat to know about non-fungible tokens (NFTs) - unique digital assets built on blockchain technologyAltcoins are the alternative digital currencies to bitcoin - here's what they are and how they workRead the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 21st, 2021

Kraft Heinz has cut costs to the bone. Insiders say the strategy has hurt innovation, created employee turnover, and more.

Kraft Heinz has been cutting costs across the board - and here's why critics say one of the biggest names in food has taken several steps back. Jell-O, Heinz ketchup, and Oscar Mayer hot dogs are among Kraft Heinz's best-known products. Kraft Heinz; Shutterstock; Marianne Ayala/Insider Kraft Heinz has gotten a sales lift from pandemic demand for food that people can eat at home. But the company has suffered under the private-equity owner 3G Capital since its 2015 creation. Here's a rundown of why critics say one of the biggest names in food has taken several steps back. See more stories on Insider's business page. Kraft Heinz owns some of the best-known brands in food, including Jell-O and Oscar Mayer hot dogs.But people familiar with the company's strategy say it's mismanaged them by focusing too much on maximizing profits instead of building up the business.Insiders also say Kraft Heinz and its private-equity owner, 3G Capital, have failed to invest enough in new products that would grow sales over the long haul.And while demand for more food Americans can eat at home has lifted Kraft Heinz's sales during the coronavirus pandemic, employees still left en masse this year, anticipating more problems after things return to normal.The danger for Kraft Heinz now is that while it has massive scale advantages over upstart brands like Beyond Meat, Hu chocolate, and Flow water, selling products under decades-old brands may become more complicated. Many consumers are looking for new and healthier options. If the company focuses too much on efficiencies, Kraft Heinz risks missing out on the next big food trend, according to food-industry analysts.Below is Insider's coverage of the fallout at Kraft Heinz resulting from the company's cost-cutting strategy:Kraft Heinz budget cuts created a dysfunctional companySince its 2015 inception, following the $50 billion merger of Kraft Foods and H.J. Heinz, Kraft Heinz has cut costs under a model that 3G Capital used to make operations leaner at Burger King and Tim Horton's.Kraft executives have told investors they would run the company more efficiently while finding new ways to grow sales. Attempts at the latter included selling blended versions of the company's condiments, which led to the release of a mix of its ketchup and ranch known as "Kranch."At the company's corporate offices, employees are feeling the squeeze of that strategy. Budgets for everything from travel to promoting new products were cut year after year. The company also went through annual reorganizations and rounds of layoffs, with those left behind forced to do more with less.Read more: 3G's merger of Kraft and Heinz is killing morale, causing burnout, and choking innovation, some employees say. Now, the company could get left behind as the economy reopens.Read more: Why the private-equity playbook failed Kraft HeinzRead more: Kraft Heinz just agreed to sell Planters for $3.4 billion. Here's how the deal fits into its broader culling of food brands.Read more: Kraft Heinz just unveiled a 'platform'-based strategy for managing its food brands. Here's how the top US executive hopes to finally get sales growing again. Kraft Heinz; Samantha Lee/Insider Kraft Heinz's investments in e-commerce may not be enough in the long runKraft Heinz has championed some high-growth areas of its business. The best example is its e-commerce division, which manages relationships with online retailers like Amazon. Kraft Heinz even tapped a 15-year veteran of Amazon as its most recent e-commerce chief.But even that part of the business has been beset by problems. Employees say recruits from the tech world have clashed with old-school food-industry employees, leading to turnover. In September, a leaked email revealed the company's e-commerce lead was headed out the door.Industry analysts also say investing in areas like e-commerce, even if done right, may not be enough to prop up the company.Read more: Kraft Heinz tried to supercharge its e-commerce strategy by looking to Amazon. Instead, it created 'a clash of cultures' between the old-school food industry and tech types.Read more: Leaked email reveals Kraft Heinz is losing its e-commerce chief, an Amazon hire who created 'a clash of cultures' between the old-school food industry and tech typesRead more: Experts say Kraft Heinz faces a real nightmare scenarioKraft Heinz is an extreme example, but other big food companies also face challenges as they try to stay relevantBig food companies have scale, but they aren't always nimble enough to respond to consumer demands. Kraft Heinz and its peers, including Kellogg, General Mills, Unilever, and Nestlé, have set up initiatives to work with small brands to stay on top of trends.Like Kraft Heinz, many have also benefited from an eating-at-home craze during the pandemic. As vaccines become more widespread and daily life moves toward normal, those companies are trying to keep as many of those pandemic-era customers buying as possible.Read more: CPG giants like Procter & Gamble and Mars are on the hunt for the next DTC breakout company. Here's what 4 execs say they're looking for.Read more: Shoppers flocked to packaged foods during the pandemic. Now, Kraft Heinz, General Mills, and Kellogg are supercharging marketing spend to keep them buying.Read more: Here's how to impress a VC with your food startup, according to the head of Kraft Heinz's $100 million venture fundRead the original article on Business Insider.....»»

Category: personnelSource: nytSep 21st, 2021

These Children Are U.S. Citizens. They Need Help, But They Can’t Get the Child Tax Credit

Ivan, just 6 months old, bounces in his baby rocker as a Spanish-language cartoon plays on TV. The living room is small but full, dominated by a tree branch with plastic red blossoms that Ivan’s mother, Sara, made. She asks her 9-year-old daughter, Luz, to leave the room. She’s about to explain something she doesn’t… Ivan, just 6 months old, bounces in his baby rocker as a Spanish-language cartoon plays on TV. The living room is small but full, dominated by a tree branch with plastic red blossoms that Ivan’s mother, Sara, made. She asks her 9-year-old daughter, Luz, to leave the room. She’s about to explain something she doesn’t want her daughter to ever think about again: the event that set off a chain of other events that led to them ending up in southwest Detroit with no money, no way to get around and no identification papers. Without those papers Ivan can’t qualify for any of the assistance the U.S. government provides for its citizens, because they can’t prove he—or they—exist. [time-brightcove not-tgx=”true”] Sara, 27, and her daughter came to the U.S. from the Michoacán region of Mexico, under the asylum program. The father of her daughter, she says, had started selling and using drugs, and one night beat her while their daughter was in the home. They escaped to her relatives’ home, but her husband, concerned that she would report him to the police, monitored her every move. “I just stepped out of the house and he was there,” she says, in Spanish. “So I couldn’t do anything.” Fearing she was endangering her family if she stayed, she fled to the Arizona border, where she was granted provisional asylum, had her passport and all her identification papers taken, was put in an ankle monitoring bracelet and sent to live with a cousin in Chicago. (TIME has agreed to use only the first names of the women in this story, to protect their safety.) In order to get a Mexican passport for her daughter, to complete the asylum requirements, Sara needed a signature from the girl’s father. When she tried to obtain that in 2019, she discovered he had been murdered. She was told by her state-supplied immigration lawyer that with her husband’s demise, she was no longer in danger, and therefore her asylum case was closed and she needed to return to Mexico. Sara says her family warned her, however, that her husband’s brothers had been killed too, along with one of their wives, and his sisters were now seeking asylum. She cut off her ankle bracelet and fled from Chicago to Michigan with a new boyfriend, also Mexican, also in the U.S. without documents. (TIME has confirmed her account with relatives in Mexico.) A year or so afterwards, they had a son. Read More: As Many Americans Get COVID-19 Vaccines and Financial Support, Undocumented Immigrants Keep Falling Through the Cracks For the last three months, millions of U.S. families have gotten a payment of up to $300 for each child in their home from the Internal Revenue Service. There will be one each month until the end of 2021. They are advance tax credits, part of a new program by the Biden Administration touted as the boldest attempt in decades to try to help impoverished families, especially those for whom the pandemic had taken a very harsh toll. Every American citizen child qualifies for this benefit, even those from what is called “mixed status” families—those with some undocumented members. This is a reflection of the twin beliefs that (a) vulnerable children should be helped, no matter their circumstances and (b) that raising children out of grinding poverty is good for the long term economic growth of any country. Children are also the mostly likely age of American to be in poverty. A new Census Bureau report found that 44% of American children experienced at least two consecutive months of poverty between 2013 and 2016, even before the pandemic. Almost immediately after the first payments landed, the US Census Bureau’s monthly Pulse survey detected a drop in “food insufficiency”—the fancy term for people not having enough to eat—and in its measurement of people finding it hard to pay their weekly bills. Instead of 11% of kids going hungry, only 8% were. The improvement was only evident in homes with children, which means that the CTC payments were likely the cause. “There’s been no other social program that has reached this many families this quickly in the history of the country,” says Luke Shaefer, a professor of Social Work and the Director of the Poverty Solutions Center at the University of Michigan, and the co-author, with Kathryn Edin, of the seminal work on American poverty, $2 a Day. In 2018, the two of them, with other scholars, co-authored a paper recommending monthly cash payments, which is seen as one of the bases for the current administration’s program. Because Ivan was born in the U.S., his family qualifies for the credit, money that would help them find their footing, and move out of the unstable financial situation in which they live. But they didn’t get it. They are just one example of an extremely vulnerable household that has not been reached by the new program. The reasons are not novel. An analysis by the Urban Institute in 2019 found that a quarter of people living in poverty do not receive support from any government program. Welfare programs have always suffered from “last mile” issues: a legion of obstructions between the funds available and the families who need them. In many ways, the distribution of the CTC is offering an object lesson in the obstacles America faces when helping its poorest citizens. Cutting child poverty, for some In order to survive, Sara and families like hers live in a kind of nether world of informal economies and networks. Apart from her daughter’s bilingual public school, the household has almost zero contact with any institutions, government or otherwise. It’s necessary for them to be as invisible as possible to the authorities. Ivan’s dad is ferried to and from work with other laborers in a bus. He is paid in cash. They have a car but cannot drive anywhere because they do not have regulation license plates, and cannot afford to be pulled over. Sara’s biggest nightmare is being separated from either of her children; the American one, who is legally allowed to abide in the U.S. whatever happens to his mother, or the Mexican one, who might be separated from her, were Sara to be detained. It’s not like they don’t pay any taxes: many undocumented workers do. Magdalena, who lives in the Bronx, New York, has paid tax at her job in a grocery store for years. She has four children aged from 2 to 15, all born in New York City, after she escaped across the border 17 years ago. Her children need school uniforms and books, but she can’t afford those as well as the rent on her wages now that she is working part-time because her childcare was very limited during the pandemic. She can barely even cover the childcare she has. The CTC would pay her family $1100 a month, but she cannot figure out how to get it. “What we’re doing so far is not perfect,” says Shaefer. “There are people who are being left out.” Because it’s a tax credit, the money is sent to people who have filed taxes, and it has taken a little while for that news to filter out and for people to get their paperwork in order. “The second problem stems from residential complexity and bank account instability that are common among low-income people,” he says. Families who have recently moved to a shelter or started doubling up with other family members, or those whose bank balance went into arrears or were overwhelmed with bank fees might find that the money has been directed to an old address or closed bank account. “That’s something,” says Shaefer, “That is still going to require a lot of work.” Read More: 6 Ways To Use the Child Tax Credit Payments, According to the Experts (Who Are Also Parents) Some critics note that the methods the government is using to distribute funds are long overdue for an update. “It’s just a generation after generation after generation of doing aid through the same large not very nuanced poverty administration systems,” says Tyler Hall, director of communications at GiveDirectly, a non profit that helps donors give simple cash to people in need. Because the administration opted to give the money via the IRS, a large amount of money was sent out widely and very quickly, but not necessarily very accurately. “Prioritizing operational considerations and ease of access stymies a number of the administration’s best ideas,” says Hall. Before the first payment, the government set up a website for folks who had never paid tax so they could still claim the money. But it was loaded with bureaucratic language and not mobile friendly, even though phones are much more widespread in low income communities than computers. As the second payment rolled around, the administration, with the help of Code For America, set up a different website, which is due to go live in “the next few weeks,” according to a statement from the U.S. Department of Treasury. Critics also claim the credits were poorly advertised, utilizing services like Twitter and eschewing old school methods like radio advertisements and mailers, which tend to be where those whose lives are more precarious get their information. And Rosario Alzayadi, a fieldworker with the Detroit agency Starfish, says once she finds these stricken families, it takes a while to build their trust. “When we go to the homes, we kind of see what’s going on,” she says. “But sometimes it takes us a long time to know the family needs.” Many of her clients were unaware they are eligible for reduced-cost internet access, for example, or that even if they’re undocumented, they can still file taxes, and thus become eligible for benefits for their American born children, among others. “Unfortunately,” notes Hall, “the vulnerable will always be the hardest to reach.” Families need more time, experts say Until the pandemic, Sara worked in light construction, but now she stays home. The couple has bought one of Detroit’s many derelict homes, which can cost just a few thousand dollars, and are renovating it themselves. A social worker who is trying to help Sara’s American-born son qualify for the CTC through his father, is gamely dealing with a legion of setbacks. His Mexican passport has expired, the nearest consulate moved from downtown Detroit to Madison Heights, a three hour round trip by public transit. If he can get an appointment (consulates are backed up), and figure out how to travel there (the social worker says she is asking one of her siblings to drive them), get a day off work (his job offers none), and get enough forms of ID to qualify for a passport, it’s possible he can also get a ITIN, a taxpayer number. If he can then wade through enough forms to file a tax return, and get his son’s American birth certificate, Ivan may eventually qualify for some federal help. That’s if the program lasts beyond the end of the year. Read More: Americans Need Recurring Stimulus Checks Until the Pandemic Is Over In some ways Sara is among the lucky ones. He family unit is stable. She dreams of being an interior designer and cabinet maker. Maria, another mother in Michigan with three American-born children under 5, cannot afford those dreams. She and her children’s father do not live together, but he currently pays the rent. Even if all the obstacles to getting the CTC could be overcome, it’s not clear who would get the money. Maria, 26, who first came to the U.S. with her mother to escape the violence of her father, she says, has no work and is reluctant to search for any, because she has no childcare or transport. So she stays home all day, venturing out only occasionally to take the children on the long walk to the nearest grocery store for food, and worries about her elderly mother, who returned to Mexico after her father died and whose health is frail. Despite the program’s shortcomings, Shaefer, the poverty researcher, sees the advanced CTC as a profoundly important development. “I’m just incredibly excited that we have the scaffolding in place, that I think we can continue to improve,” he says. “It’s unprecedented in history that we would have a program that went out to this many families. And the initial evidence is really strong that it’s working in the ways that we think it should be working.” One side benefit Shaefer and other researchers were hoping for is that more families would come out of the shadows, so that they could be reached by social service agencies. The lure of free money is pretty strong, and Sara and other families seem committed to figuring out how to get themselves documented. The IRS is not allowed to share information on the families with other government agencies, whether it’s ICE or Medicaid, but activists hope that the interaction will help them gain some trust in government institutions. Alzayadi, the social worker, says she was inspired to work undocumented families, because as a young mother of four, a home visitor found her, encouraged her to put her situation to rights and showed her the steps she needed to take to get help. In an encouraging sign, a larger number of families applied for and received the August payment than the 35 million who got July payment. One of the unanticipated side effects of the CTC payments might be that it may entice those who have been difficult for social services to reach and the safety net to catch, to finally reach out for some help. —with reporting by Pablo Muñoz-Hernandez.....»»

Category: topSource: timeSep 21st, 2021

NASDAQ Gains More Than 4% in Four Days

NASDAQ Gains More Than 4% in Four Days Leave it to the NASDAQ to continue making history on a day that seemed set for the market to take a break. The index only rose by 0.09% (or about 12 points) to 13,543.06, but that was enough to reach a new closing high for the third consecutive session. It now has a four-day winning streak, including two gains of more than 1.5%, and jumped 4.2% for the week. And this was a short week with only four days. The report from Netflix (NFLX) on Tuesday really whetted the market’s appetite for big tech names. The streaming giant’s top and bottom lines weren’t very impressive, but investors loved seeing the company surpass 200M subscribers. The stock has been down the past two days, but its still up double digits for the week after climbing approximately 17% on Wednesday. The market can barely wait for the rest of the FAANGs… and they won’t have to wait long. Apple (AAPL, +1.6%) and Facebook (FB, +0.6%) will report next Wednesday, January 27. Both of these stocks jumped more than 9% this week. We’ll also be getting reports from Microsoft (MSFT) on Tuesday and Tesla (TSLA) on Wednesday, along with dozens of others as earnings season picks up some steam. By the way, Amazon (AMZN) and Alphabet (GOOG) won’t be reporting until February 2, so we’ll be spared the ‘four FAANGs in one day’ scenario that we saw in October. Meanwhile, the S&P couldn’t keep the record pace going, but it only slipped 0.3% on Friday to 3841.47. It was still up 1.9% this week. The Dow got shellacked by big declines from IBM (IBM, -9.9%) and Intel (INTC, -9.3%). It finished lower by 0.57% (or nearly 180 points) to 30,996.98, but still rose 0.6% for the week. Today's Portfolio Highlights:   Blockchain Innovators: The portfolio added its most direct blockchain play on Friday. CleanSpark (CLSK) is a Zacks Rank #2 (Buy) that considers itself an advanced software and controls technology solutions company. But Dave is most interested in its direct connection to bitcoin prices through its crypto mining business. In fact, an additional 1,000 ASICs bitcoin miners were purchased last month. Meanwhile, the editor decided to sell its recently stagnating Akamai (AKAM) position for a nice return of approximately 54.4%. Read the complete commentary for more on today’s moves. Technology Innovators: Big cap tech can be a safety play when the small caps get smashed, which is something we’ve seen in recent sessions. Brian doesn’t have a lot of exposure to the big guys because he’s more of an aggressive investor, but he decided to add NetApp (NTAP) on Friday. This $14 billion computer storage company isn’t a “glamour name”, but it is a Zacks Rank #1 (Strong Buy) that has beaten the Zacks Consensus Estimate for three straight quarters now. It has a four-quarter average surprise of 35%. The editor also likes its valuation. “This isn’t a fast grower, only mid to high single digits on the top line, but there is great stability in the business,” he said. See the full write-up for more specifics on this addition. Surprise Trader: You’re not going to run into a whole lot of people out on the open water, so boats have become quite popular during this pandemic. One of the biggest names in the field is MarineMax (HZO), a Zacks Rank #2 (Buy) that beat by more than 190% last time. Now it has a positive Earnings ESP of 24.63% for the quarter coming before the bell on Thursday, January 28. Dave added HZO on Friday with a 12.5% allocation, while also selling Hancock Whitney (HWC) for a slight loss. Read the full write-up for more on today’s moves. Have a Great Weekend! Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. If you would like to follow our Buy and Sell signals in real time, we've made a special arrangement for readers of this website. Starting today you can see all the recommendations from all of Zacks' portfolios absolutely free for 7 days. Our services cover everything from value stocks and momentum trades to insider buying and positive earnings surprises (which we've predicted with an astonishing 80%+ accuracy). Click here to "test drive" Zacks Ultimate for FREE >>  Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

Elon Musk Might Reconsider His Stance On Bitcoin Mining, Asks Followers To Help Dogecoin Developers

Tesla Inc (NASDAQ: TSLA) CEO said he had talked with Bitcoin (CRYPTO: BTC) miners. And they might have changed his mind about the environmental impact of bitcoin mining. read more.....»»

Category: blogSource: benzingaMay 24th, 2021

China may ban all bitcoin mining soon, Ars Technica says

See the rest of the story here. provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallMay 24th, 2021

Bitcoin mining uses half the energy the traditional banking system does, says new research from Mike Novogratz"s firm

Galaxy Digital researchers argue that the energy consumption of bitcoin is under fire due to the transparency of data. Stephen Lam/Get.....»»

Category: personnelSource: nytMay 17th, 2021

Cryptos: A bitcoin battle of the billionaires ensues as Jack Dorsey faces off with Musk on ‘green’ merits of world’s No. 1 crypto

Two of the world's most prominent billionaires Tesla Inc.'s CEO Elon Musk and Jack Dorsey are facing off over the merits of bitcoin, with the future of the world's No. 1 crypto likely hanging in the balance......»»

Category: topSource: marketwatchMay 14th, 2021

Cryptocurrency mining stocks recover as bitcoin climbs back above $50,000

With rising questions over the environmental impact of b.....»»

Category: topSource: businessinsiderMay 14th, 2021

Tesla suspends bitcoin payments for vehicle purchases over the negative environmental impact of cryptocurrency mining

CEO Elon Musk has supported inve.....»»

Category: smallbizSource: nytMay 12th, 2021

Elon Musk: Tesla won"t accept bitcoin due to currency"s reliance on fossil fuels

Tesla CEO Elon Musk said Wednesday the electric car maker will no longer accept bitcoin for vehicle purchases amid concerns regarding the environmental impact of cryptocurrency mining......»»

Category: topSource: foxnewsMay 12th, 2021

: Tesla stock and bitcoin drop after Elon Musk says car sales with crypto will be halted due to energy usage of mining

Tesla Inc. will halt sales of cars using bitcoin due to the effects on the environment mining the cryptocurrency can have, Chief Executive Elon Musk said Wednesday, and prices of Tesla shares and the cryptocurrency dropped immediately after......»»

Category: topSource: marketwatchMay 12th, 2021

Cryptos: Ethereum price swoons after record peak, bitcoin momentum fizzles as crypto market faces late-Monday slump

Crypto assets experienced a sudden retreat Monday afternoon, with Ethererum prices pulling back firmly after reaching a record above $4,200......»»

Category: topSource: marketwatchMay 10th, 2021

A bill in New York aims to halt bitcoin mining for 3 years until its environmental impact can be assessed

The bill will specifically look into the greenhouse gas emissions caused by bitcoin mining, including its effects on water, air, and wildlife. Cryptocurrency Mining. Andia/Getty Images A bill in New York seeks to halt bitcoin mining for .....»»

Category: worldSource: nytMay 4th, 2021

Canaan announce order for bitcoin mining machines to $93.6M with Genesis Digital

See the rest of the story here. provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallApr 28th, 2021

Canaan (CAN) 2020 Q4 Financial Performance Preview

Canaan Inc (NASDAQ:CAN), founded in 2013, specializes in manufacturing hardware for mining bitcoin. It is one of the world’s biggest produce.....»»

Category: topSource: insidermonkeyApr 25th, 2021

Bitcoin must move away from its core proof-of-work technology to remain a dominant cryptocurrency, Ripple"s co-founder says

Chris Larsen suggested bitcoin should surrender its core proof-of-work (PoW) technology that is used in the mining process. Ripple co-founder, Chris Larsen. BankXRP/YouTube Ripple's cofounder thinks bitcoin de.....»»

Category: smallbizSource: nytApr 24th, 2021

Jack Dorsey"s Square and Cathie Wood"s Ark suggest bitcoin mining encourages the adoption of renewable energy and isn"t environmentally-damaging

Cathie Wood said that the findings disprove the myth that the.....»»

Category: topSource: businessinsiderApr 22nd, 2021