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The Energy Conundrum: Bitcoin vs. Traditional Banking

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The financial sector is facing significant energy challenges, with both Bitcoin and traditional banking contributing to environmental concerns. This article explores innovative solutions aimed at reducing the energy consumption and carbon footprint of these financial activities, highlighting the importance of sustainability in the industry. For cutting-edge strategies and initiatives addressing the energy challenges in the financial sector, visit the Terranox Website to learn about innovative solutions promoting sustainability and environmental responsibility.

The Energy Dynamics of Bitcoin

The energy dynamics of Bitcoin are a complex interplay between the technology’s innovative potential and its environmental impact. Bitcoin mining, the process that keeps the Bitcoin network secure and functional, is at the heart of these energy dynamics. 

This process involves solving complex mathematical puzzles to validate transactions and add them to the blockchain, a task that requires significant computational power. As a result, Bitcoin mining operations often use large arrays of specialized hardware known as ASICs (Application-Specific Integrated Circuits), which consume substantial amounts of electricity.

The high energy consumption of Bitcoin mining has raised concerns, especially as the network grows and the difficulty of mining increases. Critics argue that the environmental cost of Bitcoin mining could outweigh its benefits, particularly in regions where electricity is generated from fossil fuels, contributing to greenhouse gas emissions and climate change. 

However, proponents of Bitcoin argue that the network’s energy usage is a necessary investment in a decentralized and secure financial system, and that it is comparable to or even less than the energy consumption of traditional financial systems when considering the full lifecycle of money, including printing, transportation, and storage.

Furthermore, the Bitcoin community is actively seeking ways to reduce its environmental impact. One approach is the increasing use of renewable energy sources for mining operations. Hydroelectric power, solar energy, and wind energy are becoming more common in Bitcoin mining, particularly in regions where these resources are abundant and cheap. 

The Environmental Footprint of Traditional Banking

The environmental footprint of traditional banking is a multifaceted issue that encompasses various aspects of the banking sector’s operations. Unlike the digital realm of cryptocurrencies, traditional banking relies heavily on physical infrastructure, including bank branches, ATMs, and the production and transportation of currency. These elements contribute to the sector’s energy consumption and carbon emissions.

Bank branches and ATMs are ubiquitous, and their operation requires energy for lighting, heating, cooling, and running electronic systems. The energy used in these facilities often comes from non-renewable sources, contributing to the carbon footprint of the banking sector. Additionally, the construction and maintenance of physical banking infrastructure involve the use of materials and resources, further adding to the environmental impact.

The production and transportation of physical currency are other significant contributors to the environmental footprint of traditional banking. The process of printing banknotes and minting coins requires energy and resources, and the transportation of currency between banks, businesses, and consumers generates carbon emissions. The management of cash, including its storage and security, also entails energy consumption.

In response to these environmental concerns, the banking sector is increasingly adopting sustainable practices. Many banks are investing in energy-efficient buildings and technologies to reduce their carbon footprint. Digital banking is being promoted as a more environmentally friendly alternative to physical banking, as it reduces the need for paper and physical infrastructure. However, digital banking is not without its environmental impact, as data centers and network infrastructure require energy to operate.

Innovations and Solutions

In addressing the energy challenges associated with both Bitcoin and traditional banking, several innovations and solutions are being explored and implemented. These efforts aim to reduce the environmental impact of financial activities while maintaining or even enhancing the efficiency and security of transactions.

In the realm of Bitcoin, one significant innovation is the development of more energy-efficient mining hardware. Advances in technology have led to the creation of mining rigs that require less electricity to perform the complex computations necessary for securing the blockchain. 

Solar, wind, and hydroelectric power are increasingly being harnessed to provide the electricity needed for mining, thereby reducing the reliance on fossil fuels and mitigating the carbon footprint of the cryptocurrency. Some mining facilities are even being set up in locations with excess renewable energy, such as regions with abundant hydroelectric power, to take advantage of lower energy costs and contribute to a more sustainable mining ecosystem.

Digital banking is one such innovation, as it reduces the need for physical infrastructure and the associated energy consumption. By enabling customers to conduct transactions online or through mobile apps, banks can decrease the usage of paper, lower the energy required for operating branches, and minimize the carbon emissions from commuting to and from bank locations.

Conclusion

In conclusion, the financial sector is actively seeking ways to address its environmental impact. Through advancements in technology, the adoption of renewable energy sources, and the promotion of green finance, both Bitcoin and traditional banking are making strides toward a more sustainable future.

Crime

Over 120 Carmarthenshire people identified as ‘money mules’ in fraud probe

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More than 120 people in Carmarthenshire, mostly living in the Llanelli area have handed over their personal bank details to criminals involved in money laundering in exchange for financial gifts.

Economic Crime Team officers from Dyfed-Powys Police identified the individuals as part of an ongoing criminal investigation and issued notices advising them to stop the activity immediately or face prosecution.

Throughout February, the team visited people who had been linked with a suspected fraudster, as part of Operation Henhouse – a month-long nationwide clampdown on fraud offences.

On speaking to those involved, officers learned how the individuals opened online bank accounts using their personal information and identification and gave their account login details to criminals in return for cash, who then used their bank accounts to launder money obtained through crime.

The team offered safeguarding advice and warned them about the dangers of opening bank accounts to be used by someone else for criminal activity. 

Many were unaware of the implications of what they had done and thought it was an easy way to make some money. Some were given financial gifts ranging from £50 to £200, while others were promised money but did not receive it.

Dyfed-Powys Police Fraud Investigator Sian Stevens said: “Through intelligence, we were made aware of a fraudster who recruited a number of people in the Llanelli area to open bank accounts, which were then subsequently used for money laundering purposes.

“The Economic Crime Team visited over 120 individuals in February to explain that they had been used as a money mule – this is someone, who has allowed their bank account to be used to send criminal money. We issued them with cease and desist notice to interrupt any further fraud by making sure they were aware what they were doing was a criminal activity.  

“Many of the people were linked to each other. Some were family members or in the same friendship groups, ranging from young adults to pensioners. The accounts had been opened as a direct or indirect interaction with the fraudster. 

“For example, there were some instances where an individual opened a bank account after contact with the fraudster and then went on to tell their friends, ‘you can earn £50 if you open up a bank account and give the details to this person’ and so on. That was just one of many examples how the fraudster managed to obtain personal bank details.”

Dyfed-Powys Police Economic Crime Team Manager Paul Callard said: “People fall victim to fraud every day and the impact on victims can be devastating, both financially and emotionally.

“They can be taken advantage of by criminals and encouraged to allow their accounts to be used. People should be very careful about who they provide their personal information to.

“We will not tolerate fraudulent activity and will look to tackle criminals at every opportunity.”

How to avoid becoming a victim of fraud

  • Always use the ABC of scam awareness. Never Assume or Believe a caller, email or text is genuine. Always Confirm by contacting a trusted relative, friend, your bank’s fraud department or the police to check it is genuine.
  • Remember the police will never call you asking you to assist with an investigation by withdrawing cash for them to collect, or requesting to collect your bank card. If you receive a call purporting to be from the police and are unsure it is genuine, ring them back via 101 using a different telephone.
  • Avoid clicking on links in emails and text messages from unknown sources, as they are liable to be a scam.
  • Always use a strong and separate password for your email address by using three random words.

Do you know what will happen if you are caught allowing criminals to use your bank accounts to money launder?

⚠️ You could face prosecution and go to prison for up to 14 years.

⚠️ It will be difficult to get a phone contract.

⚠️ Your bank accounts will be closed.

⚠️ You will have problems applying for credit.

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Community

Pembrokeshire projects are building success

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PEMBROKESHIRE County Council’s Building Control Team is congratulating local building and design projects for success in the LABC Building Excellence Awards 2024.

The LABC Building Excellence Awards are the largest business to business awards in the building control sector.  

They celebrate buildings and design teams that have overcome the challenges of complex technical and construction issues and put the spotlight on innovative and creative building work.

In Pembrokeshire, D & O Construction Ltd, Julian Bishop Architect, Redstone Architecture  and AB Rogers & Son Ltd, Hayston Development & Planning Ltd all achieved success on some high profile local projects.

In the Regional LABC Building Excellence Awards 2024, Berry Lodge, Newport won the Best Residential Extension in Wales prize with work carried out by D & O Construction Ltd and with agents Julian Bishop Architect and Redstone Architecture.

Highly Commended was the development at Plas Y Castell, Llawhaden, carried out by AB Rogers & Son Ltd and Hayston Development & Planning Ltd.

The Berry Lodge development then went forward to the Grand Finals at Grovesnor House in London where the top projects across the UK were celebrated.

Council Building Control Manager Sam Goodwin said: “Building Control is delighted to work on these projects which highlight the skill and innovation of developers locally.

“Pembrokeshire County Council Building Control is proud to be part of LABC Awards. The Local Authority Building Control (LABC) awards were set up to celebrate excellence achieved through high building standards, technical innovation and sustainable designs.

“The Awards are an opportunity for the industry to celebrate good building practice and winners demonstrate how positive working relationships with local Council building control teams achieve high quality, sustainable buildings.

“The awards are unique because they recognise how this cooperation improves building standards and professionalism across the industry and it is great to see local contractors, agents and designers within Pembrokeshire receive recognition in achieving these standards.”

If you would like to contact Building Control at Pembrokeshire County Council, please contact Building Control via the website www.pembrokeshire.gov.uk/building-control or alternatively contact 01437 764551

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Community

Forties dance to mark end of Second World War

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PEMBROKE DOCK will step back in time this summer to mark 80 years since the end of the Second World War, with a special one-off Forties-themed dance.

The event, taking place on Saturday, June 21, will commemorate both VE Day and VJ Day in a night filled with 1940s fashion, music, and nostalgia. It will be held in a 400-capacity marquee at the former Royal Dockyard, generously sponsored by the Port of Milford Haven and supported by street food vendors.

Organised by the Pembroke Dock Heritage Centre team, the dance will also raise funds for a unique heritage project – returning the RAF Pembroke Dock Memorial Window to the town. The memorial has been on display at the RAF Museum in London for the past 30 years.

Wartime favourites will be brought to life by the renowned Phil Dando Big Band, making a welcome return to Pembroke Dock. The band, known for its Glenn Miller-era repertoire, has delighted local audiences in previous Forties dances that saw guests turn out in period fashion and vintage military uniforms.

Peter and Marilyn Mitchell, long-standing members of the Heritage Centre’s volunteer team, are already planning their outfits.

“Check out local charity shops for wartime-era fashions,” they said. “Forties fashion was stylish, and it’s surprising what you can still find today – or recreate quite easily and affordably.”

Tickets for the dance cost £25 and are available via Eventbrite, directly from the Pembroke Dock Heritage Centre (01646 684220), or from the Pembroke Dock Town Council offices on Dimond Street.

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