The past relationship of Google with cryptocurrency and bitcoin has been frantic, to recall—in the previous month the firm partly reverted its veto on ads for cryptocurrencies, enabling the regulated cryptocurrency exchanges to purchase advertisements in Japan and the US.
The step was extensively put down to the progress of regulators in restraining in the “wild west” industry, in addition to moves by few of the largest financial services firms and backs of the world to implement and incorporate cryptocurrencies and bitcoin into their products.
Now, in an advertisement for new Call Screen service of Google, intended to enable individuals to communicate with callers prior to answering the phone, the search giant has gagged regarding the sky-high price of mining cryptocurrency and Bitcoin—with one character in the advertisement seeking another whether he is “going to live [that cryptocurrency] lie?”
The cheerful Google advertisement entails electricity provider of one character calling him to inform him of his lofty electricity bill that he censures on “cryptocurrency mining [requiring] too much of power.” He is then informed that cryptocurrency is not “real” wealth, to which he replies: “Well, I have got information for you, money is not real.”
The high-energy costs of cryptocurrency and Bitcoin mining have become a widespread condemnation leveled against the growing industry, with several recommending its power use is flawed and makes cryptocurrency & bitcoin unbefitting for mainstream implementation.
PwC approximates that the existing global power use for the servers that operate the software of bitcoin is a least of 2.55 GW, which equals to the energy use of 22 TWh (terawatt-hours) each year—approximately the equivalent as a complete country of Ireland.
The biggest digital currency exchange of Canada, QuadrigaCX, is accusing legal action from a leading bank for postponements when consumers cash out funds, as reported by the Globe and Mail.