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The best quarter for stocks in six years ended on a high note, with chipmakers extending their rebound from war-driven lows and signs of economic resilience boosting confidence in corporate earnings. A rally that has added more than $8 trillion to the S&P 500's market value over the past three months gained further momentum as fresh data pointed to strength in both the labor market and consumer sentiment. Goldman Sachs Chief Global Equity Strategist Peter Oppenheimer told Bloomberg that, "for the first time in really a generation," major economies are experiencing a broad-based increase in capital spending. It's a trend that he believes is helping to underpin the current bull market.Goldman Sachs Says Capital Spending Is Powering the Bull Market (Source: Bloomberg)

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Network latency in bitcoin mining is driving massive energy waste ‪—‬ the annual equivalent of the total generation capacity of Switzerland's entire hydroelectric power system, scientists say. This wasted energy results from inefficiencies in the mining process and increasing competition among bitcoin miners.

In a new study published May 26 in the journal PNAS Nexus , the researchers aimed to provide a theoretical model to measure patterns within the networks powering bitcoin's distributed ledger system.

But they also calculated that in 2025, around 16,000 megawatts was wasted by fruitless bitcoin mining attempts, where competing mining efforts exert massive computational power to obtain the same units of bitcoin. This is roughly equivalent to the total generation capacity of Switzerland's 701 hydropower plants, according to statistics from the Swiss Federal Office of Energy .

It's important to note that this figure differs from the total energy consumed by bitcoin mining activity, estimated by researchers to stand at an annual level of 138 terawatt-hours, as of June 2024. This is higher than the annual energy consumption of several developed countries including Norway and the Netherlands .

Energy-guzzling crypto

Concerns around the environmental impact of bitcoin and other proof-of-work blockchain technologies have abounded in recent years.

In 2021, for example, bitcoin mining's water usage, primarily for liquid-cooled computer equipment, equated to more than the domestic water use of 300 million people in rural sub-Saharan Africa, according to a 2023 U.N. report .

Bitcoin is underpinned by a distributed ledger system, called a blockchain, which operates on a "proof-of-work" model. For a new unit of the digital currency to be generated, computing power must be used to solve a digital puzzle. In theory, the first entity to successfully "solve" the problem adds a new "block" of transactions to the ongoing chain and is granted a set quantity of bitcoin in return.

However, due to the explosion of interest in bitcoin as a financial trading asset, the competition for who can be the first to complete a block and claim the rewards has become incredibly fierce. A solution to the puzzle is based on computational power, with specialized hardware providing a greater advantage in speed. It has driven commercial entities to invest in building specialized data centers dedicated to such mining operations.

Because the race to be the first to mine a block is so competitive, the difference between first and second place can be just tiny fractions of a second. This often results in "accidental forks" — where two competing blocks are registered at almost exactly the same time.

In this scenario, the block with the longest chain of subsequent blocks built on top of it will eventually become a verified and legitimate part of the blockchain — earning its miners the bitcoin reward — while the competing block will be seen as invalid and worth nothing.

The energy needed to solve the proof of work and generate these "orphaned blocks" in the first place — as well as any subsequent blocks built on top of them before the winner is decided — is ultimately wasted.

An engineer stands next to a bitcoin mine. (Image credit: PixeloneStocker via Getty Images) "Despite their indication of a distributed network, accidental forks are an inefficiency of the Bitcoin protocol that leads to wasted computational resources (and thus energy), increasing the cost of network operations and its environmental impact to maintain a given level of security," the researchers wrote in the study.

According to the Crypto Carbon Ratings Institute (CCRI) , a cryptocurrency analysis firm, bitcoin is the most dominant cryptocurrency by far, with a market capitalisation of more than $1.1 trillion — more than 80% larger than the next most popular currency, Ethereum. However, instead of proof-of-work, Ethereum uses a different form of consensus mechanism to establish block authorship, called "proof-of-stake," which is significantly less computationally intensive.

While other cryptocurrencies apart from bitcoin also use proof-of-work methods, bitcoin is around twice as large as its next nearest rival in this category, making it orders of magnitude more power-hungry.

Who rules the pool

Whereas previous models for analyzing fork rates treated all miners in the network as equal, this study considered elements such as network latency and geographic distribution, aiming to provide a "null model" — a baseline which can be used as a starting point to inform future analysis.

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The model also allowed the researchers to quantify other notable trends, such as the distribution of "mining pools" — consortiums in which mining operators pool their efforts to maximize their potential success. They identified a decline in the dominance of Chinese mining pools from 2022 following the country's ban on bitcoin mining while also discovering high levels of consolidation at the upper level of the bitcoin mining industry.

The report found that just three mining pools produce over 50% of new bitcoin blocks. This is a problem because it risks a "51% attack," whereby unscrupulous miners enter fraudulent information into the blockchain by ensuring that they always produce the longest chain and, therefore, become validated.

This level of consolidation distorts the market for processing fees that bitcoin users pay to have their transactions included in the next block, the researchers added, and could thus allow miners to arbitrarily delay the inclusion of specific transactions.

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Fable is shaping up to be an absolute belter of a role-playing game. From deep systems like reputation affecting everything you do and stylish combat to funny talking pigs, what I’ve seen so far suggests a splendid fantasy role-playing game (RPG) that will be absolutely worth the wait.

Seeing a sliver of the game set in only one town, Playground Games showed what it’s like to carve my own path in the world, what impacts I can have on the locale and the people there, and how it can all affect me as the player.

From what I’ve seen, it’s basically a life sim, town builder, economy sim, RPG — and pig-fate-decider sim — all in one.

Systems on systems on systems

(Image credit: Playground Games/Microsoft) The main thrust of what I saw at the Xbox event around Summer Game Fest 2026 was how deep and rich some of the games’ systems were in how you interact with places and folk, and how your actions have consequences.

This allows you to play your own way, impacting the way people live and also carving your own lifestyle that doesn’t rely on a binary good-bad system, making things more interesting.

In the gameplay I saw behind closed doors, there was a talking pig whose fate we could decide, for example. But this wasn’t a one-and-done affair, as whatever you chose has consequences: save him, and the butcher is out of pocket, so you’ll need to cover his costs if you can — or get a job to earn the coin, and so on. And each of these steps, whichever route you take, will impact how you're perceived by everyone involved: some will think you're virtuous, some will be annoyed, and so on.

This leads to you garnering an array of reputation qualities for both the overall area and its inhabitants. And it can get very detailed and complex — in a good way — given every single fully-fledged non-player character (NPC) will have their own perspective. So while you may follow a path that gets you in with some local businesses that then give you better rates, for example, other shop owners may have totally differing opinions and make your life difficult later on.

Given how deep and rich the systems and reputation mechanics are, it feels like that same depth is needed in other areas like combat

Thankfully, the reputation is entirely local, though, so if you go berserk in one town, they won’t immediately be on the phone to the next area over. But even if they did, you can still turn things around and change people’s perceptions, but it will take a lot of work to win them back…

But, perhaps weirdly, this excellent chain of reactions, reputation characteristics, and events can abruptly stop. For example, in the midst of wooing a potential partner and going through the systems you require, including becoming a homeowner, you can just press a button to own a house. Or if you need money to buy gifts in the same relationship system and process, you can simply walk into any blacksmith and earn money at the press of a button.

This juxtaposition was the only thing that really raised my eyebrows, as it felt jarring: one moment you’re deep in a hilarious system rabbithole, the next you’re holding one button to solve or part-solve a problem. I’m very keen to see more of that and the impact it may or may not have on the experience on a larger, less isolated scale.

But could the sword be mightier than the pen?

(Image credit: Microsoft / PlayGround Games) Speaking of seeing more on a larger scale, the same goes for combat; what I’ve seen whetted the appetite, but I only saw a flash.

It was wonderfully slick, swift, fantastical, and elegant — and exciting — for sure, but over far too quickly. I’d love to see more of the options available to players in terms of builds, classes, and skills, and how to team them with weapon choices and magic, and more. It was all over far too quickly in my preview.

Plus, given how deep and rich the systems and reputation mechanics are, it feels like that same depth is needed in other areas like combat, in order to ensure a cohesive experience and feel.

Still, however, the fact remains that Fable was absolutely one of the very best things I saw at all the games events going on in June , and it’s set to be an absolute blast to experience all its systems — even if I only got a glimpse of them.

I can’t wait to dive in and explore all the shenanigans you can get yourself into when the game launches on February 23, 2027, on Xbox Series X and Series S , PS5 , and PC.