Like a candle in the wind the economist bitcoin current rate in india

Conspiracy theorists point a finger at terrorists or teenage hackers value of bitcoin in usd. But no evidence of this has turned up (yet). The authorities blame unexpected storms, tree branches falling on high-voltage power lines (as in the Italian example) and other acts of nature. Another factor may have been safety equipment that was installed improperly (as in Britain) bitcoin mining mac. Preliminary investigations suggest some degree of human error or inaction may have made natural accidents worse in some recent cases (above all, in America) turning local problems into bigger ones. David Victor, head of Stanford University’s energy programme, says that the likeliest explanation is bad luck: “Four times in a row is not impossible—especially when key markets have neglected their transmission and generation systems and thus loaded the dice for disaster.”

That points to the likeliest explanation: the halting, half-hearted approach to electricity deregulation in America and Europe bitcoin credit. The rich world’s electric networks are currently midstream between an old command-and-control world and a brave new liberalised world of market signals and competition. This may have made them more vulnerable to big power-cuts.

That is not because deregulation inherently carries the risk of more blackouts—a trade-off, some say, necessary to get cheaper power bitcoin india. That is a false choice what is bitcoin worth. On the contrary, open borders and competitive markets are a far better guarantor of energy security than the Stalinist model of yesteryear. Mr Victor points out that India’s electricity system is about as vertically integrated as you can get, yet it is also widely regarded as the most corrupt, inefficient and blackout-prone in the world.

The risk is greatest in countries that have implemented half-baked reforms. America’s flawed deregulation has left its grid suffering from serious under-investment, which contributed to the recent blackout: transmission lines were old and overloaded, grid computers failed at critical moments, and so on bitcoin core wallet address. Britain, by contrast, has invested plenty in transmission; that is why it was able to contain its blackout and to restore power in less than an hour, while America’s outage “cascaded” through many states and lasted overnight. In Italy, too, partial reform was a likely culprit what to buy with bitcoins. The European Commission insisted this week that Italy’s reluctance to expand cross-border trading and to build new international transmission lines was partly to blame for the latest blackout.

The awkward fact is that it is virtually impossible to store power efficiently get bitcoin. As a result, demand must match supply absolutely perfectly at every given moment—or else the lights may go out. Therefore some sort of system operator or grid manager will always be necessary bitcoin real time price. It is folly to think that deregulation will ever mean no regulation at all in this market. The blackouts in America and Europe are best seen as teething pains for systems in transition, argues Jo Whitehead of the Boston Consulting Group, as regulators pragmatically work out what precisely their role should be in liberalised markets.

Claude Mandil of the International Energy Agency, a quasi-governmental group founded by OECD countries as a counterweight to the OPEC oil cartel, observes that the strategic petroleum stocks that his group manages help form a buffer for the world oil market. Since electricity cannot be stored in the same way as oil, no such centralised buffer is possible. That is why regulators in each country must ensure that there is enough spare generating capacity—boffins say perhaps 20% above expected peak load—and transmission capacity to be sure the lights stay on.

How best to do this? That is one of the questions sure to confront the many hundreds of regulators about to arrive in Rome (ironically enough) for the World Forum on Energy Regulation. Back in the days of state-run monopolies, power companies used to “gold plate” their assets at the expense of hapless ratepayers. In today’s liberalising markets, regulators have yet to figure out the best way to achieve that reserve margin without damaging the new incentives they are trying to introduce.

They face a tricky task. Mr Mandil points to one reason: “It is expensive to maintain reserve margins in production and transmission capacity.. bitcoin mining online free. Ultimately, it is the consumer who must pay the cost.”