Trump Made $1 Billion on Crypto Deals While His Fans Lost a Fortune
Roughly two-thirds of investors in the president’s memecoin are currently in the red
https://www.wsj.com/finance/currencies/trump-made-1-billion-on-crypto-deals-while-his-fans-lost-a-fortune-408754c9?st=EqVyz4&reflink=desktopwebshare_permalink

A blockchain network marketed as transforming cryptocurrency mining into useful artificial intelligence work is facing scrutiny after a new study claimed its massive computing operation generates no meaningful AI output despite consuming enormous amounts of power.

The research focuses on Pearl, a Layer-1 blockchain that promotes its mining system as performing AI-related computation instead of traditional crypto hashing. Researchers estimate the network operates at roughly 24 exahashes per second, equivalent to around 320,000 Nvidia RTX 3090-class GPUs consuming approximately 112 megawatts of electricity. The findings come from a preprint study examining the platform’s so-called Proof-of-Useful-Work system.

The study argues that Pearl’s miners are not performing genuine AI training or inference tasks. Instead, they reportedly process random matrix multiplications that resemble the mathematical operations used in machine learning but serve no practical purpose. While the network verifies that these calculations are completed correctly, researchers claim it cannot determine whether the computations originated from a real AI workload.

See here: https://wonderfulengineering.com/ai-crypto-network-accused-of-wasting-power-equivalent-to-320000-rtx-3090-gpus-on-meaningless-computation/

Cryptocurrencies overlap with quantum computing in two notable ways. The first is that a powerful-enough quantum computer could break the encryption algorithms that currently keep cryptocurrencies secure from hacking. The second is that several studies have shown that using quantum computers could slash cryptocurrencies’ otherwise staggering energy use.

To test this idea practically, Colton Dillion at Postquant Labs and his colleagues have set up an experimental blockchain network called Quip, which has been running since April. The blockchain is the technology behind cryptocurrencies, and is akin to a public ledger or a database in which users add new records by competing to complete a calculation called “proof of work.” For most cryptocurrencies, the winning computer is rewarded with coins, and the block that is added to the ledger makes that transaction permanent.

Read more here: https://www.newscientist.com/article/2529973-quantum-computer-quickly-mines-cryptocurrency-while-using-less-energy/

This crypto mining facility consumes enough electricity to power 300,000 American homes.

Orbiting satellite sensors have captured high-resolution thermal images exposing massive heat signatures from one of the largest Bitcoin mining operations in the United States, providing an unprecedented look at the environmental footprint of digital currency.

A thermal satellite operated by British company SatVu has captured striking imagery of a massive cryptocurrency mining facility in Rockdale, Texas, exposing intense heat plumes radiating into the atmosphere.

Believed to be one of the largest Bitcoin mining operations in the United States, the site consumes roughly 700 megawatts of electricity—enough to power 300,000 homes. SatVu’s high-resolution sensors, capable of detecting temperature variations down to 11.5 feet, mapped active cooling systems, electrical grids, and heavily strained hardware, transforming how we monitor the physical footprint of the digital economy.

As artificial intelligence, cloud computing, and crypto mining rapidly expand, the energy demand of massive data centers has become a critical climate concern, currently accounting for about 0.5% of global carbon dioxide emissions. Critics point out that a single Bitcoin transaction can generate as much carbon dioxide as driving a gasoline-powered car for 1,600 miles.

Proponents of thermal satellite tracking argue this technology offers an objective, real-time method to hold tech giants accountable, mapping out invisible heat waste and pushing the industry toward greater energy efficiency.

source: Pultarova, T. Satellites reveal heat leaking from largest US cryptocurrency mining center. Space.

https://www.the-independent.com/news/world/americas/us-politics/sam-bankman-fried-trump-pardon-b2992018.html?fbclid=IwdGRjcASUAeljbGNrBJQBxmV4dG4DYWVtAjExAHNydGMGYXBwX2lkDDM1MDY4NTUzMTcyOAABHhMdYQ_dXDQAX07kn_q-0-5agx8zk2hxlB8X5H8EcZsuMv4bFfWpULbo3LH4_aem_e2CRacCld2qBSTbRsOKkaQ