Consensus 2024: Reacting to Trump verdict during crypto conference

cyptouser4 months ago (06-05)Cryptocurrencies News57

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Thousands of cryptocurrency and blockchain enthusiasts gathered in Austin, Texas, from May 29 to 31 for the annual Consensus conference. But as many were listening to regulators and industry leaders discuss digital assets, groundbreaking news quickly became the center of attention for many.

There was much to focus on at Consensus 2024, with so many C-level executives and government officials in the same building. Topics included the recent passage of the Financial Innovation and Technology for the 21st Century Act in the U.S. House of Representatives, the Securities and Exchange Commission (SEC) approving spot Ether (ETH) exchange-traded funds, U.S. President Joe Biden threatening — and, on the last day of the event, following through on — a veto against a resolution to overturn an SEC rule on banks handling crypto and digital assets like Bitcoin (BTC) becoming increasingly prevalent as a campaign issue in the 2024 presidential election.

Cars, drugs and costumes

No topic seemed to be off-limits. A group trolled Jamie Dimon with a campaign falsely claiming the JPMorgan Chase CEO intended to appear at Consensus to discuss crypto after a drug-induced epiphany. The DeLorean car from the 1985 film Back to the Future was available for viewing — flux capacitor and all — and attendees had the opportunity to win a Ford Mustang by becoming the one to maintain their grip hanging on a bar the longest. Many costumed adults also showed up for the crypto conference, representing a brand or supporting a cause.

*Photo: Jonathan DeYoung, Cointelegraph*

On May 30, when Independent Party presidential candidate Robert F. Kennedy Jr. addressed a small room of media professionals, news broke that a jury had found Donald Trump guilty of 34 felony charges related to falsifying business documents for a $130,000 payment to adult film star Stormy Daniels. The court proceeding marked the first time in history any current or former U.S. President had become a convicted felon.

Industry reacts to felony conviction

RFK Jr. initially did not comment on the Trump verdict at Consensus but later released a statement on X calling the result “profoundly undemocratic.” John Deaton, an attorney running for the U.S. Senate seat in Massachusetts against incumbent Elizabeth Warren, told Cointelegraph on May 30 that “the justice system will work itself out,” but the verdict would add “more gasoline on the fire of division.”

Senator Bill Hagerty (R-TN) condemns the Trump verdict at Consensus in Austin pic.twitter.com/Iir0NI2shn
— Garett Jones (@GarettJones) May 30, 2024

Trump recently shifted his campaign message on cryptocurrency to suggest he could “live with it one way or the other.” The former U.S. President announced on May 21 that he would begin accepting donations in digital assets, following a similar suggestion from supporters at a nonfungible token-focused dinner. Trump faces hundreds of millions of dollars in disgorgement and damages related to civil lawsuits for fraud and defamation.

Related: Trump convicted: Is the pro-crypto presidential candidate at risk?

Coincidentally, May 30 was also the big day for Consensus attendees to discuss regulatory issues. Representatives from the SEC and Commodity Futures Trading Commissions and several U.S. lawmakers addressed concerns from panel seats. By May 31, the crowds in the Austin Convention Center were more sparse — possibly due to late-night events — but seemingly just as motivated and interested in the subject matter.

Overall, the event proved to be an opportunity for crypto users to react to a once-in-a-lifetime event and discuss how it could affect the industry and regulation moving forward. The event is not scheduled in Austin for 2025, but it is moving to Toronto for the first time.

Magazine: Crypto voters are already disrupting the 2024 election — and it’s set to continue

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Cambridge Bitcoin Energy Consumption Index lowers estimate by 14%, revises methodology

The Cambridge Bitcoin Electricity Consumption Index (CBECI), which tracks global Bitcoin energy consumption, has undergone its first major update since 2019, influenced by evidence pointing to frequent overestimating Bitcoin’s electricity usage.

A new report is said to shed light on the evolution of Bitcoin mining and to clarify the rationale behind the changes in CBECI’s methodology, providing an in-depth analysis of the transition of Bitcoin mining hardware – from CPUs to GPUs, then FPGAs, and finally to the current state-of-the-art ASIC miners.

Mining efficiency evolution.

The CBECI noted that the efficiency of ASICs experienced a rapid surge initially but has since seen a tapering in growth as we reach the limitations of semiconductor technology. This slowdown has direct implications on the lifespan of miners, affecting the assumed replacement cycles, with estimates ranging from 1.5 years (academia) to 3-5+ years (industry).

Its methodology has been revised to account for this increased computing power of newer models, such as the Antminer S19 XP, which boasts a 140 TH/s capacity compared to the 11.5 TH/s of the 2016 Antminer S9.

CBECI further asserted that the introduction of ASICs triggered an exponential growth in Bitcoin’s hashrate, from less than 1 EH/s in 2010 to over 300 EH/s in early 2023, revolutionizing mining from a home computer activity to a professional endeavor.

Hashrate growth.

While a higher hashrate enhances Bitcoin’s security, it also escalates mining difficulty and the computing power necessary to earn block rewards. Comprehending these drivers of hashrate growth was reportedly crucial to reevaluating the CBECI methodology.

According to the report, investigations into hashrate growth factors revealed a strong correlation between the increase in imported mining hardware to the US and the overall network hashrate growth. Additionally, sales data from Canaan Creative indicated that their latest models accounted for nearly 45% of their hashrate sales in 2021, suggesting that these more efficient models likely contribute more to hashrate growth than previously assumed by the CBECI methodology.

Upon applying the new CBECI methodology, the 2021 estimate was significantly reduced by 15 TWh, or 14% (from 104 TWh down to 89 TWh), and the 2022 estimate was cut by 9.8 TWh, or 9% (from 105.3 TWh down to 95.5 TWh).