Home / Capital Markets News /Space And Time Secures $20 Million Strategic Funding Led By Microsoft’s M12 To Automate The World’s Business Logic

Space And Time Secures $20 Million Strategic Funding Led By Microsoft’s M12 To Automate The World’s Business Logic

27 Sep 2022

According to a recent report published by the Cambridge Centre for Alternative Finance (CCAF), bitcoin mining worldwide accounts for around 0.10% of global greenhouse gas (GHG) emissions or 48.35 million tons of carbon dioxide per annum. Moreover, CCAF’s report details that “Bitcoin’s environmental footprint is more nuanced and complex” and because of complexity issues it “underscores the need for independent data.”

On Tuesday, the Cambridge Centre for Alternative Finance (CCAF) published a new report called “A deep dive into Bitcoin’s environmental impact,” which was written by the CCAF project lead Alexander Neumueller. The report highlights how bitcoin’s increasing popularity has put a spotlight on “environmental issues associated with the production of Bitcoin.”

CCAF’s study claims that the Bitcoin network produces 48.35 million tons of carbon dioxide per annum. The metric equates to roughly 0.10% of global greenhouse gas emissions and Neumueller says it’s about “14.1% lower than the estimated GHG emissions in 2021.”

Neumueller’s research further details that 37.6% of the energy leveraged by bitcoin (BTC) miners derives from sustainable types of energy. CCAF’s “best-guess estimate” of 0.10% of global greenhouse gas emissions equates to the same amount of energy used by Nepal or the Central African Republic.

Bitcoin mining energy represents a touch less than half of the 100.4 million tons of carbon dioxide gold mining uses per year. Neumueller believes that the GHG emissions in 2022 were lower than in 2021 because of a “substantial decrease in mining profitability.”

CCAF notes that the decline may have been during a shift from less efficient mining rigs to more efficient next-generation machines. Neumueller says that CCAF’s assumption has been “confirmed by anecdotal evidence of Bitcoin miners.”

Miners face pressure from three angles: Falling BTC price, increasing hashrate & operating costs. Rev per hash is close to the '20 lows, and energy costs are rising, ASICs more efficient though. This year might separate the wheat from the chaff, consolidation ahead? pic.twitter.com/WRqbTD8raG

— Alexander Neumüller (@alexneumueller) June 16, 2022

In addition to changing out old hardware for newer and more efficient bitcoin miners, CCAF details that when China’s hashrate declined, the crypto asset’s “electricity mix became more diverse.” Neumueller and CCAF explain that data suggests the use of sustainable energy has declined in recent times.

Starting in 2021, data shows electricity mix fluctuations are now “visibly less” volatile. “Since it is not yet possible to comment on how the emission intensity changed from 2021 to 2022, as only January data is currently available, Bitcoin’s average emission intensity in 2020 (491.24 gCO2e/kWh) was compared to that of 2021 (531.81 gCO2e/kWh), suggesting that the sustainability of the electricity mix has deteriorated,” Neumueller notes.

The CCAF report surmises that the bitcoin mining industry is ever-changing and the CCAF research and tools continue to be adjusted. With real-world data available researchers are able to look at the situation with “greater granularity.”

The CCAF project lead ends the study by mentioning that “interesting concepts and developments are already emerging around bitcoin mining.” These include concepts like mitigating flare gas, waste heat recovery, and applied demand response applications.

“Time will tell if these are merely novel ideas that fail to deliver on their promise, or if they will become a more integral part of the Bitcoin mining industry in the future,” Neumueller’s report concludes.

What do you think about the latest bitcoin mining report published by the Cambridge Centre for Alternative Finance? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Cambridge Centre for Alternative Finance, Twitter,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

According to a recent report published by the Cambridge Centre for Alternative Finance (CCAF), bitcoin mining worldwide accounts for around 0.10% of global greenhouse gas (GHG) emissions or 48.35 million tons of carbon dioxide per annum. Moreover, CCAF’s report details that “Bitcoin’s environmental footprint is more nuanced and complex” and because of complexity issues it “underscores the need for independent data.”

On Tuesday, the Cambridge Centre for Alternative Finance (CCAF) published a new report called “A deep dive into Bitcoin’s environmental impact,” which was written by the CCAF project lead Alexander Neumueller. The report highlights how bitcoin’s increasing popularity has put a spotlight on “environmental issues associated with the production of Bitcoin.”

CCAF’s study claims that the Bitcoin network produces 48.35 million tons of carbon dioxide per annum. The metric equates to roughly 0.10% of global greenhouse gas emissions and Neumueller says it’s about “14.1% lower than the estimated GHG emissions in 2021.”

Neumueller’s research further details that 37.6% of the energy leveraged by bitcoin (BTC) miners derives from sustainable types of energy. CCAF’s “best-guess estimate” of 0.10% of global greenhouse gas emissions equates to the same amount of energy used by Nepal or the Central African Republic.

Bitcoin mining energy represents a touch less than half of the 100.4 million tons of carbon dioxide gold mining uses per year. Neumueller believes that the GHG emissions in 2022 were lower than in 2021 because of a “substantial decrease in mining profitability.”

CCAF notes that the decline may have been during a shift from less efficient mining rigs to more efficient next-generation machines. Neumueller says that CCAF’s assumption has been “confirmed by anecdotal evidence of Bitcoin miners.”

Miners face pressure from three angles: Falling BTC price, increasing hashrate & operating costs. Rev per hash is close to the '20 lows, and energy costs are rising, ASICs more efficient though. This year might separate the wheat from the chaff, consolidation ahead? pic.twitter.com/WRqbTD8raG

— Alexander Neumüller (@alexneumueller) June 16, 2022

In addition to changing out old hardware for newer and more efficient bitcoin miners, CCAF details that when China’s hashrate declined, the crypto asset’s “electricity mix became more diverse.” Neumueller and CCAF explain that data suggests the use of sustainable energy has declined in recent times.

Starting in 2021, data shows electricity mix fluctuations are now “visibly less” volatile. “Since it is not yet possible to comment on how the emission intensity changed from 2021 to 2022, as only January data is currently available, Bitcoin’s average emission intensity in 2020 (491.24 gCO2e/kWh) was compared to that of 2021 (531.81 gCO2e/kWh), suggesting that the sustainability of the electricity mix has deteriorated,” Neumueller notes.

The CCAF report surmises that the bitcoin mining industry is ever-changing and the CCAF research and tools continue to be adjusted. With real-world data available researchers are able to look at the situation with “greater granularity.”

The CCAF project lead ends the study by mentioning that “interesting concepts and developments are already emerging around bitcoin mining.” These include concepts like mitigating flare gas, waste heat recovery, and applied demand response applications.

“Time will tell if these are merely novel ideas that fail to deliver on their promise, or if they will become a more integral part of the Bitcoin mining industry in the future,” Neumueller’s report concludes.

What do you think about the latest bitcoin mining report published by the Cambridge Centre for Alternative Finance? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Cambridge Centre for Alternative Finance, Twitter,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

Chainlink hit a six-week high during Tuesday’s session, as the token rose for a sixth consecutive session. The move saw the token rally past a key resistance level in the process. Uniswap was also in the green, with prices climbing by as much as 16% earlier in the day.

Chainlink (LINK) rose for a sixth straight day on Tuesday, which took the token to its strongest point since mid-August.

After trading at a floor of $6.55 last Wednesday, LINK/USD has rallied in back-to-back sessions, with today seeing prices hit a high of $8.36.

Tuesday’s top is the highest mark that chainlink has hit since August 17, days after a failed breakout from the $9.50 level.

Looking at the chart, today’s price surge came after a successful move beyond a ceiling of $8.05.

In addition to this, there was another breakout, with the 14-day relative strength index (RSI) marginally climbing past a resistance of its own.

As of writing, the index is now tracking at 61.03, which is its highest point since August 14.

Another notable gainer on Tuesday was uniswap, which rose by as much as 16% during today’s session.

UNI/USD surged to a high of $6.68 on Tuesday, which saw prices climb to their highest point since September 13.

As a result of today’s move, uniswap is now trading near a ceiling of $6.70, which has historically been a point of contention.

Earlier gains have somewhat eased as the day has progressed, and as of writing the token is trading at $6.61.

This is a result of the RSI also nearing a hurdle of 58.00, which has resulted in some traders liquidating earlier positions.

In order for UNI to move above $7.00 in the coming days, the RSI will likely need to move past the 58.00 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Chainlink, LiNK, UNI, uniswap

Do you expect UNI to climb above $7.00 in the coming days? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons, sdx15 / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

Chainlink hit a six-week high during Tuesday’s session, as the token rose for a sixth consecutive session. The move saw the token rally past a key resistance level in the process. Uniswap was also in the green, with prices climbing by as much as 16% earlier in the day.

Chainlink (LINK) rose for a sixth straight day on Tuesday, which took the token to its strongest point since mid-August.

After trading at a floor of $6.55 last Wednesday, LINK/USD has rallied in back-to-back sessions, with today seeing prices hit a high of $8.36.

Tuesday’s top is the highest mark that chainlink has hit since August 17, days after a failed breakout from the $9.50 level.

Looking at the chart, today’s price surge came after a successful move beyond a ceiling of $8.05.

In addition to this, there was another breakout, with the 14-day relative strength index (RSI) marginally climbing past a resistance of its own.

As of writing, the index is now tracking at 61.03, which is its highest point since August 14.

Another notable gainer on Tuesday was uniswap, which rose by as much as 16% during today’s session.

UNI/USD surged to a high of $6.68 on Tuesday, which saw prices climb to their highest point since September 13.

As a result of today’s move, uniswap is now trading near a ceiling of $6.70, which has historically been a point of contention.

Earlier gains have somewhat eased as the day has progressed, and as of writing the token is trading at $6.61.

This is a result of the RSI also nearing a hurdle of 58.00, which has resulted in some traders liquidating earlier positions.

In order for UNI to move above $7.00 in the coming days, the RSI will likely need to move past the 58.00 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Chainlink, LiNK, UNI, uniswap

Do you expect UNI to climb above $7.00 in the coming days? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons, sdx15 / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

PRESS RELEASE. New York, 09/27/22: US-based Posh Markets Inc has announced the presale of PoshCoin, the all-new cannabis cryptocurrency, on September 28, 2022. With this presale, the company aims to offer end users – cannabis fans an opportunity to gain insights into PoshCoin before unveiling it to the general public.

The much-awaited presale of PoshCoin will happen on PinkSale, a dedicated launchpad for crypto tokens. Posh Markets Inc has fixed the value of PoshCoin at 0.0087 USD exclusively for this presale round.

“Our objective is to assist cannabis enthusiasts in taking a closer look at the PoshCoin, all aspects of it before it officially hits the market. This will help them understand this new crypto coin’s business potential for the entire cannabis ecosystem,” said Vic Devlaeminck, Chairman of Posh Markets Inc.

With PoshCoin, the New York-headquartered firm aims to empower marijuana/cannabis enthusiasts to purchase cannabis and other related products easily via its eCommerce platform.

Contact:

Dorothy C. Plummer

Chief Communications Officer

dorothy@poshcoin.io

Learn More About PoshCoin and JOIN NOW

Telegram: https://t.me/poshcoin_pscn

Website: https://poshcoin.io/

Twitter: https://twitter.com/poshcoin_pscn

Instagram: https://www.instagram.com/poshcoin_pscn/

Facebook: https://www.facebook.com/Poshcoin

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

PRESS RELEASE. New York, 09/27/22: US-based Posh Markets Inc has announced the presale of PoshCoin, the all-new cannabis cryptocurrency, on September 28, 2022. With this presale, the company aims to offer end users – cannabis fans an opportunity to gain insights into PoshCoin before unveiling it to the general public.

The much-awaited presale of PoshCoin will happen on PinkSale, a dedicated launchpad for crypto tokens. Posh Markets Inc has fixed the value of PoshCoin at 0.0087 USD exclusively for this presale round.

“Our objective is to assist cannabis enthusiasts in taking a closer look at the PoshCoin, all aspects of it before it officially hits the market. This will help them understand this new crypto coin’s business potential for the entire cannabis ecosystem,” said Vic Devlaeminck, Chairman of Posh Markets Inc.

With PoshCoin, the New York-headquartered firm aims to empower marijuana/cannabis enthusiasts to purchase cannabis and other related products easily via its eCommerce platform.

Contact:

Dorothy C. Plummer

Chief Communications Officer

dorothy@poshcoin.io

Learn More About PoshCoin and JOIN NOW

Telegram: https://t.me/poshcoin_pscn

Website: https://poshcoin.io/

Twitter: https://twitter.com/poshcoin_pscn

Instagram: https://www.instagram.com/poshcoin_pscn/

Facebook: https://www.facebook.com/Poshcoin

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

PRESS RELEASE. New York City, September 27th, 2022Space and Time, a Web3-native data platform that empowers the trustless automation of business logic through patent-pending Proof of SQL cryptography, has secured $20 million in strategic funding from marquee investors led by Microsoft’s M12 fund.

Other investors participating in the funding round include Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Stratos, Hash Capital, Coin DCX and several Web3 leading communities and angel investors. Space and Time previously raised $10 million in a seed funding round led by crypto investment firm Framework Ventures.

We are excited to announce the strategic support of M12 and Microsoft, and extend our partnership with Chainlink,” said Nate Holiday, co-founder and CEO of Space and Time. “We are committed to automating the business logic of the world by directly connecting smart contracts to Space and Time’s data warehouse in order to enable new and advanced use cases in Web3. Space and Time sits at the intersection of on-chain and off-chain data computation and we are thrilled to work with world-class data partners to build the next generation data ecosystem for both decentralized applications and enterprises at scale throughout the world.

Space and Time joins on-chain and off-chain data in a trustless environment that powers low-latency transactions and enterprise-scale analytics. The protocol’s decentralized data warehousing capabilities allow the creation, joining and querying of immutable and mutable tables with cryptographic guarantees all within Space and Time’s next generation data platform.

Funds will be used to accelerate engineering and product development. Over 90% of funding will be dedicated to the product and customer adoption of Space and Time.

Providing familiar enterprise tools which process data volumes much larger than the current on-chain capacity are required to unlock new use cases for Web3. Space and Time is on a mission to make smart contracts more robust by connecting them with enterprise database capabilities using its novel cryptography.

Space and Time will allow the business logic in centralized systems to be automated and connected directly to smart contracts. As a platform and tools company, Microsoft is committed to supporting its partners and customers with their technology needs, including Web3 scenarios and use cases.

Space and Time will integrate with Microsoft Azure to provide Azure customers with an on-ramp to access, manage and perform analytics on blockchain-native data. The comprehensive Microsoft Azure cloud platform and industry-leading identity and security capabilities provide a trusted set of services to develop and run Web3 applications in this new era of ubiquitous computing.

“We look forward to seeing the ways in which Space and Time will allow the business logic in centralized systems to be automated and connected directly to smart contracts,” said Michelle Gonzalez, Corporate Vice President and Global Head of M12. “As blockchain technology finds applications in a wide range of industries, Space and Time is building the foundation to shape this work in a Web3 environment. M12 looks forward to partnering in that journey.”

As part of the Startup with Chainlink program, Space and Time will be working closely with Chainlink to extend the capabilities of hybrid smart contracts to power the trustless web. The platform will allow blockchain developers to build multichain dApps and rapidly generate analytical insights in a decentralized, low-cost and secure way.

“We’re proud to support Space and Time through the Startup with Chainlink program in their mission to build a decentralized data warehouse and bridge the on-chain and off-chain worlds with Chainlink oracles. With the total addressable market for trust-minimized applications in the trillions of dollars, providing core infrastructure to Web3 developers is crucial for scaling and meeting this global demand,” stated Sergey Nazarov, co-founder of Chainlink.

About Space and Time

Space and Time, www.spaceandtime.io, is the first Web3-native decentralized data warehouse that connects on-chain and off-chain data to deliver broad, enterprise-grade use cases to smart contract applications. Developed as part of Chainlink Labs’ Startup with Chainlink initiative, the platform gives users and developers the ability to connect analytics directly to smart contracts through novel Proof of SQL cryptography, opening up a whole new set of use cases and business logic for smart contracts. Space and Time is built from the ground up as a multichain data platform for Web3 developers in DeFi and Web3 gaming, or any project needing next-gen analytics.

For more information, visit: https://www.spaceandtime.io/

For media inquiries, please contact: Spencer Reeves, marketing@spaceandtime.io

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more. https://www.microsoft.com/

About M12

M12, Microsoft’s venture fund, works to accelerate the future of technology through investments, insights, and meaningful partnerships with Microsoft. We invest in enterprise software companies primarily in the Series A and B funding stages, with a focus on autonomous systems, cloud infrastructure, cybersecurity, DevOps, healthcare and digital biology, vertical SaaS, and Web3, metaverse and gaming technologies. As part of its value-add to portfolio companies, M12 empowers entrepreneurs with capital, customer connections, and deep access to Microsoft’s ecosystem and leadership. M12 has offices in San Francisco, Seattle, London, Tel Aviv, Singapore, and Bengaluru. https://m12.vc

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Its oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

For more information, visit: https://chain.link/

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

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