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Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets | News – Bitcoin News

https://news.bitcoin.com/paypal-bought-70-of-all-newly-mined-bitcoin-last-month-as-demand-rockets/

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Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started offering cryptocurrency services four weeks ago.

Now that’s according to estimates by hedge fund manager Pantera Capital, as revealed in its latest monthly blockchain letter. Together with Square’s Cash App, the two companies are buying more than 100% of all newly issued virgin bitcoin (BTC), it says.

The letter said demand for Paypal’s crypto service, which runs on Paxos fiat-to-crypto exchange, Itbit, had hit the roof. The exchange “was doing a fairly constant amount of trading volume… [but] when Paypal went live, volume started exploding,” it observed, adding:

The increase in Itbit volume implies that within four weeks of going live, Paypal is already buying almost 70% of the new supply of bitcoins.

Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets

Paypal announced in late October that its customers – running in excess of 300 million active users – will now be able to buy, hold and sell bitcoin and other digital assets using their Paypal accounts.

The decision also meant users could use their coins to buy things from the 26 million merchants that accept Paypal, it said. Paypal rolled out the crypto service to U.S. customers early this month, with the rest of the world set to be integrated later.

Bitcoin prices rose alongside the Paypal news, breaching $12,000 at the time the service was announced, and has maintained the bullish momentum ever since, hitting a three-year high of $18,997 on Nov. 20.

Pantera Capital noted that the Paypal crypto service is “already having a huge impact”. As shown in the graph above, it predicted that if the “growth persists, Paypal alone would be buying more than all of the newly-issued bitcoin within weeks.”

The letter also argues that bitcoin’s current rally is much more “sustainable” than 2017’s because of rising institutional demand from entities such as Paypal, Cash App, and Robinhood, which make buying bitcoin easy.

“Previously the friction to buy bitcoin was pretty onerous: take a selfie with your passport, wait days to a week to get activated, daily limits,” said the letter.

Data shows bitcoin’s current rally has in large part being driven by institutional buyers. According to the bitcointreasuries.org website, which curates bitcoin investments by publicly traded companies, about 21 firms, including Microstrategy Inc and Galaxy Digital Holdings, hold a combined $14.42 billion of BTC in reserve. That’s 832,351 BTC or over 4% of bitcoin’s circulating supply.

A number of these purchases have happened in the last few months, pushing the price of bitcoin higher. Pantera Capital says the shortage of bitcoin resulting from high corporate demand means that the likes of Cash App, which recently reported a record $1.6 billion bitcoin revenue, will have to pay more for each coin.

“When other, larger financial institutions follow their (Cash App) lead, the supply scarcity will become even more imbalanced. The only way supply and demand equilibrates is at a higher price,” it explained.

What do you think and Paypal scooping 70% of newly minted bitcoin? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Chart by Pantera Capital,

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.

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PG&E rate hike aimed at improvements to ease fire risk – KCRA Sacramento

https://www.kcra.com/article/pgande-rate-hike-aimed-improvements-to-ease-fire-risk/34868014

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Pacific Gas & Electric’s household customers will be hit with an average rate increase of 8% to help the once-bankrupt utility pay for improvements designed to reduce the risks that its outdated equipment will ignite deadly wildfires in its Northern California service territory.The higher prices, approved Thursday, take effect March 1 and are expected to boost the bills of PG&E’s residential customers by an average of $13.44 a month. That may further strain the budgets of people struggling to make ends meet during a recession caused by the pandemic that is causing governments to curtail commerce and corral people at home in an effort to ease the spread of the virus that causes COVID-19.California power regulators approved the increase after two years of wrangling between PG&E and a variety of groups battling to limit how much of the financial burden customers should have to shoulder for the utility’s long-running neglect of a grid that supplies power to about 16 million people in a sprawling area.PG&E’s outdated equipment was blamed for causing a series of wildfires during 2017 and 2018 that killed more than 120 people and destroyed more than 27,000 homes and other buildings. The damage caused PG&E to file for bankruptcy in 2019, opening a legal avenue for the company to negotiate $25.5 billion in settlements with wildfire victims and others.The San Francisco utility emerged from bankruptcy five months ago and is now seeking to upgrade its equipment and adopt other safety measures to avoid facing financial calamity — and a public relations catastrophe — again.Under the agreement approved by California regulators, PG&E can’t use any of its additional revenue to pay for its bankruptcy settlements or enrich an executive team that has been overhauled in recent years.But PG&E does plan to use the extra money to help finance grid improvements, additional tree trimming around power lines and take other steps that the company believes will reduce the chances of sparking more fires. The utility is also making changes aimed at decreasing the scope of deliberate blackouts imposed during dry and windy weather conditions that raise wildfire risks in Northern California.“We want to work to exceed our customers’ expectations when it comes to safely and reliably delivering clean energy, reducing wildfire risk in an ever-changing climate, and building a safe and sustainable energy system,” said Robert Kenney, PG&E’s vice president of regulatory and external affairs.The Utility Reform Network, one of the groups that hammered out the rate increase settlement with PG&E late last year, had hoped California regulators would delay approval because of the financial strain stemming from the pandemic.“Hitting consumers with higher bills right now will only add to their problems,” said Mark Toney, TURN’s executive director.The sticker shock of the forthcoming PG&E rate increases has been magnified by the time it took to negotiate them while the utility was still in bankruptcy. Part of the 2021 increases cover the past year, too.Customers might have been even harder hit if not for the resistance to PG&E’s initial plan. The utility originally sought about $2 billion in additional revenue from customer rate increases from 2020 to 2022, according to regulatory documents. The final settlement approved by regulators will instead give PG&E an additional $1.15 billion instead.

Pacific Gas & Electric’s household customers will be hit with an average rate increase of 8% to help the once-bankrupt utility pay for improvements designed to reduce the risks that its outdated equipment will ignite deadly wildfires in its Northern California service territory.

The higher prices, approved Thursday, take effect March 1 and are expected to boost the bills of PG&E’s residential customers by an average of $13.44 a month. That may further strain the budgets of people struggling to make ends meet during a recession caused by the pandemic that is causing governments to curtail commerce and corral people at home in an effort to ease the spread of the virus that causes COVID-19.

California power regulators approved the increase after two years of wrangling between PG&E and a variety of groups battling to limit how much of the financial burden customers should have to shoulder for the utility’s long-running neglect of a grid that supplies power to about 16 million people in a sprawling area.

PG&E’s outdated equipment was blamed for causing a series of wildfires during 2017 and 2018 that killed more than 120 people and destroyed more than 27,000 homes and other buildings. The damage caused PG&E to file for bankruptcy in 2019, opening a legal avenue for the company to negotiate $25.5 billion in settlements with wildfire victims and others.

The San Francisco utility emerged from bankruptcy five months ago and is now seeking to upgrade its equipment and adopt other safety measures to avoid facing financial calamity — and a public relations catastrophe — again.

Under the agreement approved by California regulators, PG&E can’t use any of its additional revenue to pay for its bankruptcy settlements or enrich an executive team that has been overhauled in recent years.

But PG&E does plan to use the extra money to help finance grid improvements, additional tree trimming around power lines and take other steps that the company believes will reduce the chances of sparking more fires. The utility is also making changes aimed at decreasing the scope of deliberate blackouts imposed during dry and windy weather conditions that raise wildfire risks in Northern California.

“We want to work to exceed our customers’ expectations when it comes to safely and reliably delivering clean energy, reducing wildfire risk in an ever-changing climate, and building a safe and sustainable energy system,” said Robert Kenney, PG&E’s vice president of regulatory and external affairs.

The Utility Reform Network, one of the groups that hammered out the rate increase settlement with PG&E late last year, had hoped California regulators would delay approval because of the financial strain stemming from the pandemic.

“Hitting consumers with higher bills right now will only add to their problems,” said Mark Toney, TURN’s executive director.

The sticker shock of the forthcoming PG&E rate increases has been magnified by the time it took to negotiate them while the utility was still in bankruptcy. Part of the 2021 increases cover the past year, too.

Customers might have been even harder hit if not for the resistance to PG&E’s initial plan. The utility originally sought about $2 billion in additional revenue from customer rate increases from 2020 to 2022, according to regulatory documents. The final settlement approved by regulators will instead give PG&E an additional $1.15 billion instead.

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PG&E rate hike aimed at improvements to ease fire risk – KCRA Sacramento

https://www.kcra.com/article/pgande-rate-hike-aimed-improvements-to-ease-fire-risk/34868014

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Pacific Gas & Electric’s household customers will be hit with an average rate increase of 8% to help the once-bankrupt utility pay for improvements designed to reduce the risks that its outdated equipment will ignite deadly wildfires in its Northern California service territory.The higher prices, approved Thursday, take effect March 1 and are expected to boost the bills of PG&E’s residential customers by an average of $13.44 a month. That may further strain the budgets of people struggling to make ends meet during a recession caused by the pandemic that is causing governments to curtail commerce and corral people at home in an effort to ease the spread of the virus that causes COVID-19.California power regulators approved the increase after two years of wrangling between PG&E and a variety of groups battling to limit how much of the financial burden customers should have to shoulder for the utility’s long-running neglect of a grid that supplies power to about 16 million people in a sprawling area.PG&E’s outdated equipment was blamed for causing a series of wildfires during 2017 and 2018 that killed more than 120 people and destroyed more than 27,000 homes and other buildings. The damage caused PG&E to file for bankruptcy in 2019, opening a legal avenue for the company to negotiate $25.5 billion in settlements with wildfire victims and others.The San Francisco utility emerged from bankruptcy five months ago and is now seeking to upgrade its equipment and adopt other safety measures to avoid facing financial calamity — and a public relations catastrophe — again.Under the agreement approved by California regulators, PG&E can’t use any of its additional revenue to pay for its bankruptcy settlements or enrich an executive team that has been overhauled in recent years.But PG&E does plan to use the extra money to help finance grid improvements, additional tree trimming around power lines and take other steps that the company believes will reduce the chances of sparking more fires. The utility is also making changes aimed at decreasing the scope of deliberate blackouts imposed during dry and windy weather conditions that raise wildfire risks in Northern California.“We want to work to exceed our customers’ expectations when it comes to safely and reliably delivering clean energy, reducing wildfire risk in an ever-changing climate, and building a safe and sustainable energy system,” said Robert Kenney, PG&E’s vice president of regulatory and external affairs.The Utility Reform Network, one of the groups that hammered out the rate increase settlement with PG&E late last year, had hoped California regulators would delay approval because of the financial strain stemming from the pandemic.“Hitting consumers with higher bills right now will only add to their problems,” said Mark Toney, TURN’s executive director.The sticker shock of the forthcoming PG&E rate increases has been magnified by the time it took to negotiate them while the utility was still in bankruptcy. Part of the 2021 increases cover the past year, too.Customers might have been even harder hit if not for the resistance to PG&E’s initial plan. The utility originally sought about $2 billion in additional revenue from customer rate increases from 2020 to 2022, according to regulatory documents. The final settlement approved by regulators will instead give PG&E an additional $1.15 billion instead.

Pacific Gas & Electric’s household customers will be hit with an average rate increase of 8% to help the once-bankrupt utility pay for improvements designed to reduce the risks that its outdated equipment will ignite deadly wildfires in its Northern California service territory.

The higher prices, approved Thursday, take effect March 1 and are expected to boost the bills of PG&E’s residential customers by an average of $13.44 a month. That may further strain the budgets of people struggling to make ends meet during a recession caused by the pandemic that is causing governments to curtail commerce and corral people at home in an effort to ease the spread of the virus that causes COVID-19.

California power regulators approved the increase after two years of wrangling between PG&E and a variety of groups battling to limit how much of the financial burden customers should have to shoulder for the utility’s long-running neglect of a grid that supplies power to about 16 million people in a sprawling area.

PG&E’s outdated equipment was blamed for causing a series of wildfires during 2017 and 2018 that killed more than 120 people and destroyed more than 27,000 homes and other buildings. The damage caused PG&E to file for bankruptcy in 2019, opening a legal avenue for the company to negotiate $25.5 billion in settlements with wildfire victims and others.

The San Francisco utility emerged from bankruptcy five months ago and is now seeking to upgrade its equipment and adopt other safety measures to avoid facing financial calamity — and a public relations catastrophe — again.

Under the agreement approved by California regulators, PG&E can’t use any of its additional revenue to pay for its bankruptcy settlements or enrich an executive team that has been overhauled in recent years.

But PG&E does plan to use the extra money to help finance grid improvements, additional tree trimming around power lines and take other steps that the company believes will reduce the chances of sparking more fires. The utility is also making changes aimed at decreasing the scope of deliberate blackouts imposed during dry and windy weather conditions that raise wildfire risks in Northern California.

“We want to work to exceed our customers’ expectations when it comes to safely and reliably delivering clean energy, reducing wildfire risk in an ever-changing climate, and building a safe and sustainable energy system,” said Robert Kenney, PG&E’s vice president of regulatory and external affairs.

The Utility Reform Network, one of the groups that hammered out the rate increase settlement with PG&E late last year, had hoped California regulators would delay approval because of the financial strain stemming from the pandemic.

“Hitting consumers with higher bills right now will only add to their problems,” said Mark Toney, TURN’s executive director.

The sticker shock of the forthcoming PG&E rate increases has been magnified by the time it took to negotiate them while the utility was still in bankruptcy. Part of the 2021 increases cover the past year, too.

Customers might have been even harder hit if not for the resistance to PG&E’s initial plan. The utility originally sought about $2 billion in additional revenue from customer rate increases from 2020 to 2022, according to regulatory documents. The final settlement approved by regulators will instead give PG&E an additional $1.15 billion instead.

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PG&E rate hike aimed at improvements to ease fire risk – KCRA Sacramento

https://www.kcra.com/article/pgande-rate-hike-aimed-improvements-to-ease-fire-risk/34868014

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Pacific Gas & Electric’s household customers will be hit with an average rate increase of 8% to help the once-bankrupt utility pay for improvements designed to reduce the risks that its outdated equipment will ignite deadly wildfires in its Northern California service territory.The higher prices, approved Thursday, take effect March 1 and are expected to boost the bills of PG&E’s residential customers by an average of $13.44 a month. That may further strain the budgets of people struggling to make ends meet during a recession caused by the pandemic that is causing governments to curtail commerce and corral people at home in an effort to ease the spread of the virus that causes COVID-19.California power regulators approved the increase after two years of wrangling between PG&E and a variety of groups battling to limit how much of the financial burden customers should have to shoulder for the utility’s long-running neglect of a grid that supplies power to about 16 million people in a sprawling area.PG&E’s outdated equipment was blamed for causing a series of wildfires during 2017 and 2018 that killed more than 120 people and destroyed more than 27,000 homes and other buildings. The damage caused PG&E to file for bankruptcy in 2019, opening a legal avenue for the company to negotiate $25.5 billion in settlements with wildfire victims and others.The San Francisco utility emerged from bankruptcy five months ago and is now seeking to upgrade its equipment and adopt other safety measures to avoid facing financial calamity — and a public relations catastrophe — again.Under the agreement approved by California regulators, PG&E can’t use any of its additional revenue to pay for its bankruptcy settlements or enrich an executive team that has been overhauled in recent years.But PG&E does plan to use the extra money to help finance grid improvements, additional tree trimming around power lines and take other steps that the company believes will reduce the chances of sparking more fires. The utility is also making changes aimed at decreasing the scope of deliberate blackouts imposed during dry and windy weather conditions that raise wildfire risks in Northern California.“We want to work to exceed our customers’ expectations when it comes to safely and reliably delivering clean energy, reducing wildfire risk in an ever-changing climate, and building a safe and sustainable energy system,” said Robert Kenney, PG&E’s vice president of regulatory and external affairs.The Utility Reform Network, one of the groups that hammered out the rate increase settlement with PG&E late last year, had hoped California regulators would delay approval because of the financial strain stemming from the pandemic.“Hitting consumers with higher bills right now will only add to their problems,” said Mark Toney, TURN’s executive director.The sticker shock of the forthcoming PG&E rate increases has been magnified by the time it took to negotiate them while the utility was still in bankruptcy. Part of the 2021 increases cover the past year, too.Customers might have been even harder hit if not for the resistance to PG&E’s initial plan. The utility originally sought about $2 billion in additional revenue from customer rate increases from 2020 to 2022, according to regulatory documents. The final settlement approved by regulators will instead give PG&E an additional $1.15 billion instead.

Pacific Gas & Electric’s household customers will be hit with an average rate increase of 8% to help the once-bankrupt utility pay for improvements designed to reduce the risks that its outdated equipment will ignite deadly wildfires in its Northern California service territory.

The higher prices, approved Thursday, take effect March 1 and are expected to boost the bills of PG&E’s residential customers by an average of $13.44 a month. That may further strain the budgets of people struggling to make ends meet during a recession caused by the pandemic that is causing governments to curtail commerce and corral people at home in an effort to ease the spread of the virus that causes COVID-19.

California power regulators approved the increase after two years of wrangling between PG&E and a variety of groups battling to limit how much of the financial burden customers should have to shoulder for the utility’s long-running neglect of a grid that supplies power to about 16 million people in a sprawling area.

PG&E’s outdated equipment was blamed for causing a series of wildfires during 2017 and 2018 that killed more than 120 people and destroyed more than 27,000 homes and other buildings. The damage caused PG&E to file for bankruptcy in 2019, opening a legal avenue for the company to negotiate $25.5 billion in settlements with wildfire victims and others.

The San Francisco utility emerged from bankruptcy five months ago and is now seeking to upgrade its equipment and adopt other safety measures to avoid facing financial calamity — and a public relations catastrophe — again.

Under the agreement approved by California regulators, PG&E can’t use any of its additional revenue to pay for its bankruptcy settlements or enrich an executive team that has been overhauled in recent years.

But PG&E does plan to use the extra money to help finance grid improvements, additional tree trimming around power lines and take other steps that the company believes will reduce the chances of sparking more fires. The utility is also making changes aimed at decreasing the scope of deliberate blackouts imposed during dry and windy weather conditions that raise wildfire risks in Northern California.

“We want to work to exceed our customers’ expectations when it comes to safely and reliably delivering clean energy, reducing wildfire risk in an ever-changing climate, and building a safe and sustainable energy system,” said Robert Kenney, PG&E’s vice president of regulatory and external affairs.

The Utility Reform Network, one of the groups that hammered out the rate increase settlement with PG&E late last year, had hoped California regulators would delay approval because of the financial strain stemming from the pandemic.

“Hitting consumers with higher bills right now will only add to their problems,” said Mark Toney, TURN’s executive director.

The sticker shock of the forthcoming PG&E rate increases has been magnified by the time it took to negotiate them while the utility was still in bankruptcy. Part of the 2021 increases cover the past year, too.

Customers might have been even harder hit if not for the resistance to PG&E’s initial plan. The utility originally sought about $2 billion in additional revenue from customer rate increases from 2020 to 2022, according to regulatory documents. The final settlement approved by regulators will instead give PG&E an additional $1.15 billion instead.

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