Update on All Things Bitcoin

It has been 10 years since Bitcoin technology was launched on October 31, 2008. Even though many claim that it is the most talked about innovation of the decade, some people completely disagree.

Big Changes And Controversy

Blockchain startups like XCoins.io are currently working on alterations that will allow the technology to be used for peer-to-peer transactions. This also includes changing the way financial systems work and improving the functioning of social networks.

Though recently, bitcoin has found itself in a small controversy. Jamie Dimon, CEO, JP Morgan, said that he has “no interest” in bitcoins. He feels that it isn’t going to end well and will destroy a lot of things along with it.

The Environment at Stake?

It doesn’t take an intelligent person to tell you that bitcoin technology will change everything that it touches. On the other hand, a study done by scientists from University of Hawaii found that bitcoin technology uses so much energy that it will increase Earth’s temperature by two degree Celsius by 2048.If you already don’t know, bitcoin converts electricity into virtual currency through a very complex procedure. It works irrespective of government-introduced currencies.

Even though bitcoins account for only 0.033 percent of total transactions, it is producing two times the greenhouse gases compared to previous estimations. The technology produces as much electricity as required by the entire country of Austria. It is estimated that the hardware used utilizes 31 terawatt-hours, which accounts to 450 gigawatt-hours every day or the quantity that Haiti uses in an entire year.

Bitcoin mines in Venezuela are flourishing because of subsidized electricity and rampant hyperinflation. Regular blackouts in the country aren’t affecting the mining. Considering the current rate at which bitcoin technology is growing, by July 2019 it will consume as much as electricity as the entire United States consumed in a year and by February 2020, consume the amount of electricity the entire world consumes.

Boom in Bitcoin Mining The Right Way

All is not doom and gloom though, we are already starting to solve this problems. China has the world’s largest bitcoin mines which uses clean hydro electricity, which is one of the cheapest form of energy across the globe. This is the case with many other projects that are now in development.

How Many Bitcoin Are Left and Its Current Price?

There are only 21 million bitcoins in the world and approx. 80 percent of them have already been mined. That is what makes bitcoins so attractive. It’s like gold or diamonds. You spend a lot of energy to mine, purify, and mold it into a way you desire. Government introduced currencies that were introduced a couple of decades ago cost the same today as they did earlier. But with bitcoins and other crypto currencies, it is a little different. Even though you bought your first bitcoin for only $100 in 2010, it is now worth $6,294.02, an impressive increase. If you were sharp enough to buy bitcoins back then, you are nothing less than a millionaire today, living the early retirement life all of us only dream of.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes