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- TaniaNgTaniaNg
  ·2021-05-18
  It missed analyst's estimates but I don't think this warrants such a sharp share price drop. Financial results still seem very strong, and reflective of a company that is growing rapidly.
  Sea's 1Q results miss estimates
  Sea Limited today announced its financial results for the first quarter ended March 31, 2021.Sea reported quarterly losses of $ per share which missed the analyst consensus estimate of $ by 16.98 percent. This is a 19.23 percent decrease over losses of $ per share from the same period last year. The company reported quarterly sales of $1.80 billion which missed the analyst consensus estimate of $1.81 billion by 0.55 percent. This is a 96.95 percent increase over sales of $913.92 million the same
  Sea's 1Q results miss estimates
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- TaniaNgTaniaNg
  ·2021-05-14
  Surely Elon musk would have already known that mining bitcoin takes up a lot of energy from the start...
  Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage
  KEY POINTS Elon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over
  Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage
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Financial results still seem very strong, and reflective of a company that is growing rapidly.&nbsp;","listText":"It missed analyst's estimates but I don't think this warrants such a sharp share price drop. Financial results still seem very strong, and reflective of a company that is growing rapidly.&nbsp;","text":"It missed analyst's estimates but I don't think this warrants such a sharp share price drop. Financial results still seem very strong, and reflective of a company that is growing rapidly.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/194333569","repostId":"1171834722","repostType":4,"repost":{"id":"1171834722","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621335352,"share":"https://www.laohu8.com/m/news/1171834722?lang=&edition=full","pubTime":"2021-05-18 18:55","market":"us","language":"en","title":"Sea's 1Q results miss estimates","url":"https://stock-news.laohu8.com/highlight/detail?id=1171834722","media":"Tiger Newspress","summary":"Sea Limited today announced its financial results for the first quarter ended March 31, 2021.Sea reported quarterly losses of $ per share which missed the analyst consensus estimate of $ by 16.98 percent. This is a 19.23 percent decrease over losses of $ per share from the same period last year. The company reported quarterly sales of $1.80 billion which missed the analyst consensus estimate of $1.81 billion by 0.55 percent. This is a 96.95 percent increase over sales of $913.92 million the same","content":"<p>Sea Limited today announced its financial results for the first quarter ended March 31, 2021.</p><p>Sea reported quarterly losses of $(0.62) per share which missed the analyst consensus estimate of $(0.53) by 16.98 percent. This is a 19.23 percent decrease over losses of $(0.52) per share from the same period last year. The company reported quarterly sales of $1.80 billion which missed the analyst consensus estimate of $1.81 billion by 0.55 percent. This is a 96.95 percent increase over sales of $913.92 million the same period last year.</p><p><img src=\"https://static.tigerbbs.com/69f1e67eb3b6aab318d0ca67d25b7330\" tg-width=\"827\" tg-height=\"731\"></p><p>Sea&nbsp;stock&nbsp;tumbled&nbsp;7%&nbsp;once&nbsp;in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/c8ee9edcf9cbd6ee1ff632f3711e95ed\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><b>First Quarter 2021 Highlights </b></p><p><b>▪</b>&nbsp;<b>Group </b></p><p>o Total GAAP revenue was US$1.8 billion, up 146.7% year-on-year.</p><p>o Total gross profit was US$645.4 million, up 212.1% year-on-year.</p><p>o Total adjusted EBITDA1 was US$88.1 million compared to US$(69.9) million for the first quarter of 2020.</p><p><b>▪ Digital Entertainment </b></p><p>o Bookings2 were US$1.1 billion, up 117.4% year-on-year.</p><p>o Adjusted EBITDA1 was US$717.3 million, up 140.4% year-on-year.</p><p>o Adjusted EBITDA represented 64.4% of bookings for the first quarter of 2021, compared to 58.2% for the first quarter of 2020.</p><p>o GAAP revenue was US$781.3 million, up 111.4% year-on-year.</p><p>o Quarterly active users (“QAUs”) reached 648.8 million, an increase of 61.4% yearon-year.</p><p>o Quarterly paying users grew by 123.5% year-on-year to 79.8 million, and represented 12.3% of QAUs for the first quarter compared to 8.9% for the same period in 2020.</p><p>o Average bookings per user were US$1.7, compared to US$1.3 for the first quarter of 2020.</p><p>o Our self-developed global hit game, Free Fire, continued to be the highest grossing mobile game in Latin America, Southeast Asia and India for the first quarter of 2021, according to App Annie3 . Free Fire has maintained this leading position for the past seven consecutive quarters in Latin America and Southeast Asia, and two consecutive quarters in India.</p><p><b>▪ E-commerce </b></p><p>o GAAP revenue was US$922.3 million, up 250.4% year-on-year.</p><p>o GAAP revenue included US$715.9 million of GAAP marketplace revenue4, up 285.0% year-on-year, and US$206.4 million of GAAP product revenue 5, up 167.1% year-on-year.</p><p>o Gross orders totaled 1.1 billion, an increase of 153.0% year-on-year.</p><p>o Gross merchandise value (“GMV”) was US$12.6 billion, an increase of 103.2% year-on-year.</p><p>o Adjusted EBITDA1 was US$(412.9) million compared to US$(264.1) million for the first quarter of 2020. Adjusted EBITDA loss per order decreased by 37.7% year-on-year to US$0.38, compared to US$0.61 for the first quarter of 2020.</p><p>o Both in Southeast Asia and in Taiwan, Shopee ranked first in the Shopping&nbsp;category by average monthly active users and total time spent in app on Android for the first quarter of 2021, according to App Annie3.</p><p>o In Indonesia, where Shopee further accelerated its year-on-year growth in gross orders, it continued to rank first by average monthly active users and total time spent in app on Android in the Shopping category for the first quarter of 2021, according to App Annie.</p><p><b>Digital Financial Services Update </b></p><p>We continued to see strong growth in the adoption of SeaMoney’s offerings. Our mobile wallet total payment volume exceeded US$3.4 billion for the first quarter of 2021, more than tripled that of the first quarter of 2020. Moreover, quarterly paying users for our mobile wallet services surpassed 26.1 million in the first quarter.</p><p><b>Conversions of Convertible Notes </b></p><p>Between March 5, 2021 (the date we last disclosed the outstanding principal amount of our convertible notes) and May 10, 2021, we issued an aggregate of approximately 4.8 million shares to settle conversions of our outstanding convertible notes, namely our 2.25% convertible senior notes due 2023 (the “2023 notes”) and our 1.00% convertible senior notes due 2024 (the “2024 notes”). In aggregate, such conversions are estimated to result in more than US$8.3 million of saving to us in future interest payments.</p><p>As of May 10, 2021, we had 524,433,502 ordinary shares issued and outstanding and approximately US$33.5 million, US$825.1 million and US$1.15 billion principal amount of the 2023 notes, 2024 notes and 2.375% convertible senior notes due 2025 remaining outstanding, respectively.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea's 1Q results miss estimates</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea's 1Q results miss estimates\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-18 18:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Sea Limited today announced its financial results for the first quarter ended March 31, 2021.</p><p>Sea reported quarterly losses of $(0.62) per share which missed the analyst consensus estimate of $(0.53) by 16.98 percent. This is a 19.23 percent decrease over losses of $(0.52) per share from the same period last year. The company reported quarterly sales of $1.80 billion which missed the analyst consensus estimate of $1.81 billion by 0.55 percent. This is a 96.95 percent increase over sales of $913.92 million the same period last year.</p><p><img src=\"https://static.tigerbbs.com/69f1e67eb3b6aab318d0ca67d25b7330\" tg-width=\"827\" tg-height=\"731\"></p><p>Sea&nbsp;stock&nbsp;tumbled&nbsp;7%&nbsp;once&nbsp;in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/c8ee9edcf9cbd6ee1ff632f3711e95ed\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><b>First Quarter 2021 Highlights </b></p><p><b>▪</b>&nbsp;<b>Group </b></p><p>o Total GAAP revenue was US$1.8 billion, up 146.7% year-on-year.</p><p>o Total gross profit was US$645.4 million, up 212.1% year-on-year.</p><p>o Total adjusted EBITDA1 was US$88.1 million compared to US$(69.9) million for the first quarter of 2020.</p><p><b>▪ Digital Entertainment </b></p><p>o Bookings2 were US$1.1 billion, up 117.4% year-on-year.</p><p>o Adjusted EBITDA1 was US$717.3 million, up 140.4% year-on-year.</p><p>o Adjusted EBITDA represented 64.4% of bookings for the first quarter of 2021, compared to 58.2% for the first quarter of 2020.</p><p>o GAAP revenue was US$781.3 million, up 111.4% year-on-year.</p><p>o Quarterly active users (“QAUs”) reached 648.8 million, an increase of 61.4% yearon-year.</p><p>o Quarterly paying users grew by 123.5% year-on-year to 79.8 million, and represented 12.3% of QAUs for the first quarter compared to 8.9% for the same period in 2020.</p><p>o Average bookings per user were US$1.7, compared to US$1.3 for the first quarter of 2020.</p><p>o Our self-developed global hit game, Free Fire, continued to be the highest grossing mobile game in Latin America, Southeast Asia and India for the first quarter of 2021, according to App Annie3 . Free Fire has maintained this leading position for the past seven consecutive quarters in Latin America and Southeast Asia, and two consecutive quarters in India.</p><p><b>▪ E-commerce </b></p><p>o GAAP revenue was US$922.3 million, up 250.4% year-on-year.</p><p>o GAAP revenue included US$715.9 million of GAAP marketplace revenue4, up 285.0% year-on-year, and US$206.4 million of GAAP product revenue 5, up 167.1% year-on-year.</p><p>o Gross orders totaled 1.1 billion, an increase of 153.0% year-on-year.</p><p>o Gross merchandise value (“GMV”) was US$12.6 billion, an increase of 103.2% year-on-year.</p><p>o Adjusted EBITDA1 was US$(412.9) million compared to US$(264.1) million for the first quarter of 2020. Adjusted EBITDA loss per order decreased by 37.7% year-on-year to US$0.38, compared to US$0.61 for the first quarter of 2020.</p><p>o Both in Southeast Asia and in Taiwan, Shopee ranked first in the Shopping&nbsp;category by average monthly active users and total time spent in app on Android for the first quarter of 2021, according to App Annie3.</p><p>o In Indonesia, where Shopee further accelerated its year-on-year growth in gross orders, it continued to rank first by average monthly active users and total time spent in app on Android in the Shopping category for the first quarter of 2021, according to App Annie.</p><p><b>Digital Financial Services Update </b></p><p>We continued to see strong growth in the adoption of SeaMoney’s offerings. Our mobile wallet total payment volume exceeded US$3.4 billion for the first quarter of 2021, more than tripled that of the first quarter of 2020. Moreover, quarterly paying users for our mobile wallet services surpassed 26.1 million in the first quarter.</p><p><b>Conversions of Convertible Notes </b></p><p>Between March 5, 2021 (the date we last disclosed the outstanding principal amount of our convertible notes) and May 10, 2021, we issued an aggregate of approximately 4.8 million shares to settle conversions of our outstanding convertible notes, namely our 2.25% convertible senior notes due 2023 (the “2023 notes”) and our 1.00% convertible senior notes due 2024 (the “2024 notes”). In aggregate, such conversions are estimated to result in more than US$8.3 million of saving to us in future interest payments.</p><p>As of May 10, 2021, we had 524,433,502 ordinary shares issued and outstanding and approximately US$33.5 million, US$825.1 million and US$1.15 billion principal amount of the 2023 notes, 2024 notes and 2.375% convertible senior notes due 2025 remaining outstanding, respectively.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171834722","content_text":"Sea Limited today announced its financial results for the first quarter ended March 31, 2021.Sea reported quarterly losses of $(0.62) per share which missed the analyst consensus estimate of $(0.53) by 16.98 percent. This is a 19.23 percent decrease over losses of $(0.52) per share from the same period last year. The company reported quarterly sales of $1.80 billion which missed the analyst consensus estimate of $1.81 billion by 0.55 percent. This is a 96.95 percent increase over sales of $913.92 million the same period last year.Sea stock tumbled 7% once in premarket trading.First Quarter 2021 Highlights ▪ Group o Total GAAP revenue was US$1.8 billion, up 146.7% year-on-year.o Total gross profit was US$645.4 million, up 212.1% year-on-year.o Total adjusted EBITDA1 was US$88.1 million compared to US$(69.9) million for the first quarter of 2020.▪ Digital Entertainment o Bookings2 were US$1.1 billion, up 117.4% year-on-year.o Adjusted EBITDA1 was US$717.3 million, up 140.4% year-on-year.o Adjusted EBITDA represented 64.4% of bookings for the first quarter of 2021, compared to 58.2% for the first quarter of 2020.o GAAP revenue was US$781.3 million, up 111.4% year-on-year.o Quarterly active users (“QAUs”) reached 648.8 million, an increase of 61.4% yearon-year.o Quarterly paying users grew by 123.5% year-on-year to 79.8 million, and represented 12.3% of QAUs for the first quarter compared to 8.9% for the same period in 2020.o Average bookings per user were US$1.7, compared to US$1.3 for the first quarter of 2020.o Our self-developed global hit game, Free Fire, continued to be the highest grossing mobile game in Latin America, Southeast Asia and India for the first quarter of 2021, according to App Annie3 . Free Fire has maintained this leading position for the past seven consecutive quarters in Latin America and Southeast Asia, and two consecutive quarters in India.▪ E-commerce o GAAP revenue was US$922.3 million, up 250.4% year-on-year.o GAAP revenue included US$715.9 million of GAAP marketplace revenue4, up 285.0% year-on-year, and US$206.4 million of GAAP product revenue 5, up 167.1% year-on-year.o Gross orders totaled 1.1 billion, an increase of 153.0% year-on-year.o Gross merchandise value (“GMV”) was US$12.6 billion, an increase of 103.2% year-on-year.o Adjusted EBITDA1 was US$(412.9) million compared to US$(264.1) million for the first quarter of 2020. Adjusted EBITDA loss per order decreased by 37.7% year-on-year to US$0.38, compared to US$0.61 for the first quarter of 2020.o Both in Southeast Asia and in Taiwan, Shopee ranked first in the Shopping category by average monthly active users and total time spent in app on Android for the first quarter of 2021, according to App Annie3.o In Indonesia, where Shopee further accelerated its year-on-year growth in gross orders, it continued to rank first by average monthly active users and total time spent in app on Android in the Shopping category for the first quarter of 2021, according to App Annie.Digital Financial Services Update We continued to see strong growth in the adoption of SeaMoney’s offerings. Our mobile wallet total payment volume exceeded US$3.4 billion for the first quarter of 2021, more than tripled that of the first quarter of 2020. Moreover, quarterly paying users for our mobile wallet services surpassed 26.1 million in the first quarter.Conversions of Convertible Notes Between March 5, 2021 (the date we last disclosed the outstanding principal amount of our convertible notes) and May 10, 2021, we issued an aggregate of approximately 4.8 million shares to settle conversions of our outstanding convertible notes, namely our 2.25% convertible senior notes due 2023 (the “2023 notes”) and our 1.00% convertible senior notes due 2024 (the “2024 notes”). In aggregate, such conversions are estimated to result in more than US$8.3 million of saving to us in future interest payments.As of May 10, 2021, we had 524,433,502 ordinary shares issued and outstanding and approximately US$33.5 million, US$825.1 million and US$1.15 billion principal amount of the 2023 notes, 2024 notes and 2.375% convertible senior notes due 2025 remaining outstanding, respectively.","news_type":1},"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198350738,"gmtCreate":1620931733924,"gmtModify":1634195210277,"author":{"id":"3581932988683594","authorId":"3581932988683594","name":"TaniaNg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581932988683594","authorIdStr":"3581932988683594"},"themes":[],"htmlText":"Surely Elon musk would have already known that mining bitcoin takes up a lot of energy from the start...","listText":"Surely Elon musk would have already known that mining bitcoin takes up a lot of energy from the start...","text":"Surely Elon musk would have already known that mining bitcoin takes up a lot of energy from the start...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198350738","repostId":"1116555518","repostType":4,"repost":{"id":"1116555518","kind":"news","pubTimestamp":1620913985,"share":"https://www.laohu8.com/m/news/1116555518?lang=&edition=full","pubTime":"2021-05-13 21:53","market":"us","language":"en","title":"Why everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage","url":"https://stock-news.laohu8.com/highlight/detail?id=1116555518","media":"cnbc","summary":"KEY POINTS\n\nElon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over ","content":"<div>\n<p>KEY POINTS\n\nElon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”\nThe cryptocurrency uses more energy...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/13/why-elon-musk-is-worried-about-bitcoin-environmental-impact.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy everyone from Elon Musk to Janet Yellen is worried about bitcoin’s energy usage\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 21:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/05/13/why-elon-musk-is-worried-about-bitcoin-environmental-impact.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nElon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”\nThe cryptocurrency uses more energy...</p>\n\n<a href=\"https://www.cnbc.com/2021/05/13/why-elon-musk-is-worried-about-bitcoin-environmental-impact.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.cnbc.com/2021/05/13/why-elon-musk-is-worried-about-bitcoin-environmental-impact.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1116555518","content_text":"KEY POINTS\n\nElon Musk said Tesla had halted purchases of vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”\nThe cryptocurrency uses more energy than entire countries such as Sweden and Malaysia, according to researchers.\nTreasury Secretary Janet Yellen has also warned about bitcoin’s environmental impact, saying it uses a “staggering” amount of power.\n\nElon Musk’sdecision to stopTeslafrom acceptingbitcoinas payment has led to fresh scrutiny of the cryptocurrency’s environmental impact.\nMusksaid Wednesdaythat Tesla had halted purchases of its vehicles with bitcoin due to concerns over the “rapidly increasing use of fossil fuels for bitcoin mining.”\nHe alluded to data from researchers at Cambridge University which shows bitcoin’s electricity usage spiking this year.\nTesla won't sell its bitcoin — the automaker is sitting on$2.5 billion worthof the digital coin — and Musk said it intends to resume transactions with bitcoin once mining \"transitions to more sustainable energy.\"\n\"We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction,\" Musk said.\nMusk's comments roiled cryptocurrency markets, which haveshed as much as $365.85 billion in valuesince his tweet.\nWhy is Musk worried?\nCritics ofbitcoinhave long been wary of its impact on the environment. The cryptocurrency uses more energy than entire countries such as Sweden and Malaysia, according to the Cambridge Bitcoin Electricity Consumption Index.\nTo understand why bitcoin is so energy-intensive, you have to look at its underlying technology, the blockchain.\nBitcoin's public ledger is decentralized, meaning it isn't controlled by any single authority. It's constantly being updated by a network of computers around the world.\nSo-called miners run purpose-built computers to solve complex math puzzles in order to make a transaction go through. This is the only way to mint new bitcoins.\nMiners do not run this operation for free. They have to shell out huge sums on specialized equipment. A key incentive of bitcoin's model, known as \"proof of work,\" is the promise of being rewarded in some bitcoin if you manage to solve its complex hashing algorithm.\nIt's worth noting thatdogecoin, which has risen wildly in price lately on the back of support from Musk, also uses a proof-of-work mechanism.\nCarol Alexander, a professor at the University of Sussex Business School, explains that bitcoin's mining \"difficulty\" — a measure of the computational effort it takes to mine bitcoin — has been going \"up and up\" over the last three years.\n\"More and more electricity is being used,\" Alexander told CNBC. \"That means that the network difficulty will also be going up (and) more miners are coming in because the hash rate's going up.\"\nBitcoin's price is up almost 70% so far this year. As it goes up in price, the revenue to miners also increases, incentivizing more participants to mine the cryptocurrency.\nMeanwhile, Musk isn't the only one who's worried about the environmental impact of bitcoin. In February, Treasury Secretary Janet Yellen warned that the digital coin is \"extremely inefficient\" for making transactions and uses a \"staggering\" amount of power.\nDoes bitcoin actually harm the environment?\nIt's complicated. On the one hand, bitcoin's network uses anunfathomable amount of energy. Much of the mining of bitcoin is concentrated in China, whose economy is still heavily reliant on coal.\nLast month, a coal mine in the Xinjiang region flooded and shut down. This took nearly a quarter of bitcoin's hash rate — or computing power — offline, according to crypto industry publicationCoinDesk.\nIn March, China's Inner Mongolia region said it wouldshut down cryptocurrency mining operationsin the region due to concerns over energy consumption.\nOn the other side of the debate, bitcoin investors have attempted to push back on the narrative that it's harmful for the environment.\nWhile it's difficult to determine the energy mix that powers bitcoin, some in the crypto industry say miners are incentivized to use renewables as it's getting cheaper to produce them. In China, the province of Sichuan is known to attract miners due to its cheap electricity and rich hydropower resources.\nLast month,Jack Dorsey'sfintech companySquareand Cathie Wood's Ark Invest put out amemoclaiming that bitcoin will actually drive renewable energy innovation. However, critics said they had avested interestin doing so.\nAlexander said the debate around bitcoin's environmental impact was misguided as most transactions with the digital asset aren't happening on the blockchain.\n\"Almost all the trading is not done on the blockchain,\" she said. \"It's done on secondary markets, centralized exchanges. They're not even recorded on the blockchain.\"\nESG concerns\nRegardless of whether bitcoin is actually a polluter or not, the negative connotations around its energy consumption have worried investors conscious of companies' ethical and environmental responsibilities.\nESG, or environmental, social and corporate governance, has become agrowing trendin financial markets, with portfolio managers increasingly incorporating sustainable investments into their strategies.\nSome Tesla shareholders may be worried that the company is betting big on bitcoin while also claiming to be a green energy company.\n\"Bitcoin backers will be wondering where this leaves the future of the cryptocurrency,\" Laith Khalaf, a financial analyst at investment firm AJ Bell, said in a note Thursday.\n\"Environmental matters are an incredibly sensitive subject right now, and Tesla's move might serve as a wake-up call to businesses and consumers using Bitcoin, who hadn't hitherto considered its carbon footprint,\" Khalaf added.\n\"Tesla's decision certainly puts pressure on other big companies who accept Bitcoin to review their practices, because boardrooms will now be wary about getting it in the ear from ESG investors on the shareholder register.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":false}