Bitcoin is consuming enough energy to power Denmark for a year
Mining the cryptocurrency ‘consumes a ridiculous amount of energy’ estimates suggest
One thousand, one hundred and thirty six days.
That’s how long it had been since West Texas Intermediate crude oil futures traded at US$64.50 per barrel, and Brent futures traded at US$70 a barrel, when crude finally hit those thresholds again on January 15, 2018.
It’s been a long, strange trip for the crude oil industry since Dec. 5, 2014. And given what was taking place in the world in early December 2014, it does seem like another lifetime altogether.
According to CNBC, the last time oil was this valuable:
And while we’ve had cheap crude for more than three years—including a rock bottom of US$26.55 in January 2016—prominent trader Robert Raymond sees signs of a bull case for oil.
“Our bigger picture point is that the Nike swoosh recovery starting in 2015 and on is playing out,” the founder of hedge fund RCH Energy recently told CNBC’s Futures Now, “within that range of an ultimate target of $65 to $75 a barrel.”
With demand growing and excess supply capacity rapidly disappearing, “the industry needs to get back on its feet, and it needs to start drilling wells and figuring out how to grow supply beyond just the United States and U.S. shale,” he says.
Mining the cryptocurrency ‘consumes a ridiculous amount of energy’ estimates suggest
Research firm predicts shale oil production to jump 10%, total average production to reach 11 million barrels per day
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