Visualizing the Jobs Lost to Automation
The employment landscape of the future will look very different than it does today.
In plain black and white, it shows the jobs that exist today in contrast to the jobs that are expected to disappear as a result of automation in the workplace. Though, technically speaking, it is applying the probabilities of the widely-cited Frey & Osborne (2013) study to U.S. jobs as of 2016 to give an expected value to each job title.
A Different Landscape
In the near-future, many of today’s most common jobs may be changed profoundly. People working as retail salespersons, cashiers, fast food counter workers, and truck drivers will likely see opportunities in those fields dry up as automation takes place.
At the same time, jobs such as those in teaching and nursing are expected to stand the test of time, as they require empathy, creativity, and a human touch not yet available through machines. In the coming decades, it’s possible that these could even be professions that employ the most people overall.
Casualties of the Fall?
In the vastly different employment landscape of the future, the worry is that low income workers will have fewer opportunities available to them as technology comes into play.
The good news? Historically this has not been true. As an example, nearly 500 years ago, Queen Elizabeth I had a similar fear when she denied a patent for an automated knitting machine. The thought was that the machine would kill jobs, though eventually factories and companies adopted similar technologies anyways. With the lower prices, higher demand for knitted goods, and more capital for investment, jobs for factory weavers actually quadrupled in the coming years.
As we’ve seen over time, while machines destroy jobs, they also often create new ones.
Composition of U.S. Job Market over the Last 150+ Years
The bad news? It is now clear that agricultural jobs of the early 20th century were replaced with the white collar jobs of today. However, it is much more difficult to forecast out how some of the jobs of the future will be created, especially for low income workers.
The knitting example above certainly applies in some situations – but in others, it’s hard to say what will happen. For example, with millions of unemployed long-haul truck drivers, what roles will these people be taking in the future job market?
Even with costs of transportation and logistics going down, increased demand, and more capital to invest, it seems that there’s going to be a lengthy period of time where many of these people will have trouble finding work.
Do they join the company to help manage the many more trucks that are self-driving? It’s unlikely, and that is the part of the optimism about automation and future jobs that is the hardest to reconcile.
Ranked: The Most Popular Paid Subscription News Websites
Many consumers are reluctant to pay for their news, but those that do turn to trusted sources. Here’s a look at the most subscribed to news websites.
Ranked: The Most Popular Subscription News Websites
While paywalls are becoming increasingly more popular among news websites, most consumers still aren’t willing to pay for their online news.
In fact, a recent survey by the Reuters Institute for the Study of Journalism reveals that only 20% of Americans pay for digital news, and of those that do, the majority subscribe to only one brand.
This begs the question—which news outlets are audiences willing to pay for?
Using data from FIPP and CeleraOne, this graphic looks at the most popular news websites across the globe, based on their total number of paid subscriptions.
*Note: This report relies on publicly available data, and should not be considered an exhaustive list.
The Full Breakdown
With 7.5 million subscriptions, The New York Times (NYT) takes the top spot on the list. 2020 was an exceptionally strong year for the outlet—by Q3 2020, the NYT had generated the same amount of revenue from digital subscriptions as it had for the entire year of 2019.
|1||🇺🇸 The New York Times||7,500,000|
|2||🇺🇸 The Washington Post||3,000,000|
|3||🇺🇸 The Wall Street Journal||2,400,000|
|4||🇺🇸 Game Informer||2,100,000|
|5||🇬🇧 Financial Times||1,100,000|
|6||🇺🇸 The Athletic||1,000,000|
|7||🇬🇧 The Guardian||790,000|
|9||🇬🇧 The Economist||516,000|
|12||🇬🇧 The Sunday Times||337,000|
|13||🇬🇧 The Telegraph||320,000|
|14||🇺🇸 The Atlantic||300,000|
|15||🇮🇹 Corriere Della Sera||300,000|
|16||🇫🇷 Le Monde||300,000|
|17||🇺🇸 The Boston Globe||270,000|
|18||🇦🇷 La Nacion||260,000|
|21||🇺🇸 Los Angeles Times||253,000|
|23||🇺🇸 The New Yorker||240,000|
|25||🇧🇷 Folha de S.Paulo||236,000|
|26||🇸🇪 Dagens Nyheter||208,000|
|27||🇺🇸 Business Insider||200,000|
|31||🇨🇦 The Globe and Mail||139,000|
|34||🇫🇷 Le Figaro||110,000|
|35||🇺🇸 Chicago Tribune||100,000|
|36||🇺🇸 Star Tribune||100,000|
|38||🇫🇮 Helsingin Sanomat||100,000|
The Times is the most popular by a landslide—it has over double the number of subscriptions than the second outlet on the list, The Washington Post. Yet, while WaPo is no match for NYT, it still boasts a strong following, with approximately 3 million paid subscriptions as of Q4 2020.
Japanese outlet Nikkei ranks number one among the non-English news websites. It’s the largest business newspaper in Japan, mainly focusing on markets and finance, but also covering politics, sports, and health.
Legacy Papers: Which Websites Come From Traditional Media?
Most of the websites on this list stem from traditional media. Because of this, they’ve had years to establish themselves as trusted sources, and win over loyal readers.
Interestingly, more than half of the outlets included in this ranking are at least 100 years old.
|Publication||Year Launched||Age (Years)|
|🇬🇧 The Guardian||1821||200|
|🇬🇧 The Sunday Times||1821||200|
|🇫🇷 Le Figaro||1826||195|
|🇬🇧 The Economist||1843||178|
|🇺🇸 Chicago Tribune||1847||173|
|🇬🇧 The Telegraph||1855||166|
|🇺🇸 The Atlantic||1857||164|
|🇸🇪 Dagens Nyheter||1864||157|
|🇺🇸 Star Tribune||1867||154|
|🇦🇷 La Nacion||1870||151|
|🇺🇸 The Boston Globe||1872||149|
|🇮🇹 Corriere Della Sera||1876||145|
|🇺🇸 Washington Post||1877||144|
|🇺🇸 LA Times||1881||140|
|🇬🇧 Financial Times||1888||133|
|🇺🇸 Wall Street Journal||1889||132|
|🇫🇮 Helsingin Sanomat||1889||132|
|🇧🇷 Folha de S.Paulo||1921||100|
|🇺🇸 The New Yorker||1925||96|
|🇨🇦 The Globe and Mail||1936||85|
|🇫🇷 Le Monde||1944||77|
|🇺🇸 Game Informer||1991||30|
|🇺🇸 Business Insider||2007||14|
|🇺🇸 The Athletic||2016||5|
Yet, undeterred by these well-established outlets, a few scrappy websites made the cut despite a shorter history. Four out of the 38 websites are less than 20 years old.
The Athletic is the newest outlet to make the ranking. Established in 2016, the outlet’s target demographic is die-hard sports fans who miss the days of in-depth, quality sports writing.
The Need For Trusted Sources
Amidst the global pandemic, issues involving misinformation and fake news have helped reaffirm the important role that trusted news sources play in the dissemination of public information.
With this in mind, it’ll be interesting to see what the future holds for digital media consumption. With paywalls becoming increasingly more common, will consumers jump on board and eventually be more willing to pay for their news?
Visualizing the Power Consumption of Bitcoin Mining
Bitcoin mining requires significant amounts of energy, but what does this consumption look like when compared to countries and companies?
Visualizing the Power Consumption of Bitcoin Mining
Cryptocurrencies have been some of the most talked-about assets in recent months, with bitcoin and ether prices reaching record highs. These gains were driven by a flurry of announcements, including increased adoption by businesses and institutions.
Lesser known, however, is just how much electricity is required to power the Bitcoin network. To put this into perspective, we’ve used data from the University of Cambridge’s Bitcoin Electricity Consumption Index (CBECI) to compare Bitcoin’s power consumption with a variety of countries and companies.
Why Does Bitcoin Mining Require So Much Power?
When people mine bitcoins, what they’re really doing is updating the ledger of Bitcoin transactions, also known as the blockchain. This requires them to solve numerical puzzles which have a 64-digit hexadecimal solution known as a hash.
Miners may be rewarded with bitcoins, but only if they arrive at the solution before others. It is for this reason that Bitcoin mining facilities—warehouses filled with computers—have been popping up around the world.
These facilities enable miners to scale up their hashrate, also known as the number of hashes produced each second. A higher hashrate requires greater amounts of electricity, and in some cases can even overload local infrastructure.
Putting Bitcoin’s Power Consumption Into Perspective
On March 18, 2021, the annual power consumption of the Bitcoin network was estimated to be 129 terawatt-hours (TWh). Here’s how this number compares to a selection of countries, companies, and more.
|Name||Population||Annual Electricity Consumption (TWh)|
|All of the world’s data centers||-||205|
|State of New York||19.3M||161|
|Walt Disney World Resort (Florida)||-||1|
Note: A terawatt hour (TWh) is a measure of electricity that represents 1 trillion watts sustained for one hour.
Source: Cambridge Centre for Alternative Finance, Science Mag, New York ISO, Forbes, Facebook, Reedy Creek Improvement District, Worldometer
If Bitcoin were a country, it would rank 29th out of a theoretical 196, narrowly exceeding Norway’s consumption of 124 TWh. When compared to larger countries like the U.S. (3,989 TWh) and China (6,543 TWh), the cryptocurrency’s energy consumption is relatively light.
For further comparison, the Bitcoin network consumes 1,708% more electricity than Google, but 39% less than all of the world’s data centers—together, these represent over 2 trillion gigabytes of storage.
Where Does This Energy Come From?
In a 2020 report by the University of Cambridge, researchers found that 76% of cryptominers rely on some degree of renewable energy to power their operations. There’s still room for improvement, though, as renewables account for just 39% of cryptomining’s total energy consumption.
Here’s how the share of cryptominers that use each energy type vary across four global regions.
|Energy Source||Asia-Pacific||Europe||Latin America|
and the Caribbean
Source: University of Cambridge
Editor’s note: Numbers in each column are not meant to add to 100%
Hydroelectric energy is the most common source globally, and it gets used by at least 60% of cryptominers across all four regions. Other types of clean energy such as wind and solar appear to be less popular.
Coal energy plays a significant role in the Asia-Pacific region, and was the only source to match hydroelectricity in terms of usage. This can be largely attributed to China, which is currently the world’s largest consumer of coal.
Researchers from the University of Cambridge noted that they weren’t surprised by these findings, as the Chinese government’s strategy to ensure energy self-sufficiency has led to an oversupply of both hydroelectric and coal power plants.
Towards a Greener Crypto Future
As cryptocurrencies move further into the mainstream, it’s likely that governments and other regulators will turn their attention to the industry’s carbon footprint. This isn’t necessarily a bad thing, however.
Mike Colyer, CEO of Foundry, a blockchain financing provider, believes that cryptomining can support the global transition to renewable energy. More specifically, he believes that clustering cryptomining facilities near renewable energy projects can mitigate a common issue: an oversupply of electricity.
“It allows for a faster payback on solar projects or wind projects… because they would [otherwise] produce too much energy for the grid in that area”
– Mike Colyer, CEO, Foundry
This type of thinking appears to be taking hold in China as well. In April 2020, Ya’an, a city located in China’s Sichuan province, issued a public guidance encouraging blockchain firms to take advantage of its excess hydroelectricity.
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