Morgan Stanley's Dennis Lynch shared a light-hearted analogy during a discussion at Morningstar’s yearly investment conference today, claiming that Bitcoin’s insatiable ability to defy the odds and rise from both technical and fundamental adversity portrays that of the South Park cartoon character Kenny.
The 24-series show has garnered a global audience base for its weird and wacky sense of humour, epitomised by the long-standing gag that Kenny dies in each episode, only to be rebirthed and gleefully unaware of his brutal demise in the following show.
Head of asset management firm Counterpoint, a Morgan Stanley subsidiary — and a keen advocate of the show — Lynch expressed his belief in the resilience of leading cryptocurrency asset Bitcoin since its inception over a decade ago. After experiencing and surviving numerous bearish cycles, Bitcoin has established itself as a widely recognised and respected modern payment method and store of value in the mainstream market.
Major corporations such as Microstrategy, Tesla, and Galaxy Digital Holdings have all publicly revealed billion-dollar investments in the asset, the latter now reporting an immense $5.3 billion.
In his Kenny-inspired speech, Lynch stated:
"I like to say that bitcoin's kind of like Kenny from South Park — he dies every episode, and is back again.”
A new study from the New York Digital Investment Group (NYDIG) has projected that Bitcoin’s energy consumption will remain below 0.5% of the global total over the next decade. NYDIG published its 'Bitcoin Net Zero' research paper this month, finding that Bitcoin’s energy consumption and carbon emissions will not skyrocket in the coming years, even if prices do.
The study, which was penned by Castle Island Ventures partner Nic Carter and NYDIG founder Ross Stevens, discusses how the network’s carbon emission may change in the future, depending on fluctuations in Bitcoin’s price, mining difficulty and energy consumption.
The study’s most aggressive outlook found that Bitcoin’s emission would still represent a tiny fraction of the global total even if the price of BTC went through the roof by the year 2030, concluding:
“Even in our most aggressive, high price, scenario, in which Bitcoin reaches $10 trillion by 2030, its emissions amount to only 0.9 percent of the world’s total, and its energy outlay is just 0.4 percent of the global total.”
The report projects the future growth of Bitcoin mining based on data from 2020. The researchers calculated the historical electricity consumption of Bitcoin miners as a function of the network hashrate and machine efficiency.
Despite the price decline for Bitcoin (BTC) in Q2 2021, mining hardware maker Canaan has recorded significant business gains during the period. According to Canaan’s unaudited Q2 financials published on Tuesday, the company recorded over $1 billion Chinese renminbi (about $167.5 million) in total net revenue for Q2. This figure marks the highest quarterly sales for the Bitcoin miner maker.
Indeed, Canaan’s Q2 revenue represents a 168% increase from the figures reported in its first-quarter financials and a 507.3% jump when compared to Q2 2020.
Total revenue was not the only quarterly improvement in Q2 as the report showed $37.9 million net profit for the period. According to the document, the figure marks the company’s highest quarterly net profit since its initial public offering back in 2019.
As previously reported by Cointelegraph, Canaan recorded a $33-million net loss in Q1 despite the positive Bitcoin price action that dominated the early months of 2021.
Significant inventory purchases from major mining establishments helped to improve Canaan’s revenue and profit performance in Q2. Tuesday’s report showed that the company delivered hardware totaling 5.9 million terahashes per second (TH/s) in the second quarter of 2021, a 200% increase from its delivery figures from Q1.
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