The Dark Side of Bitcoin:

You might know that mask has a huge influence on the cryptocurrency market. His tweet cam changes the trajectory of the entire market. And that’s what happened, a tweet of Elon Musk caused between to Crashed by 12%.

The Dark Side of Bitcoin:

According to a survey if Bitcoin were a country it would be used more energy than the entirety of Argentina in a year. Indians do 10 Crores transactions on UPI, whereas globally, Bitcoin only registers 4 lakhs daily transaction.

The Dark Side of Bitcoin:

Minors are upgrading their computers and using more powerful ones to win this guessing game. So that in this way they can validate the transaction and earn some Bitcoins as a reward.

The Dark Side of Bitcoin:

Hands as the minors are using powerful computers energy consumption as soared. And this energy consumption is why people like mask have criticized Bitcoin. And why people are more optimistic about other cryptocurrencies that don’t really on this method.

The Dark Side of Bitcoin:

The high energy consumption is why there is not a lot of mining that takes place in India. Because of higher relative electricity costs as a to other countries like Kazakhstan. As far as, selling, buying, trading.

The Dark Side of Bitcoin:

Given the energy and the resources data required to mine Bitcoins the entire mining business is being consolidated by a few companies.Is the value of Bitcoin increased, the miners believe that by using high-powered computers they would be available to mine Bitcoins?

The Solution to Energy Loss:

One possible solution is shifting to renewable energy sources like wind, solar, power for fuel in Bitcoin mining. Globally, estimates of Bitcoins use of renewable range from about 40% to 75%. Main experts have suggested that to reduce the consumption of electricity,

The Solution to Energy Loss:

According to some researchers, the energy consumption for proof of stake is 99.99 percent lower than proof of work. The proof of work system requires people to compete against each other by solving mathematical problems to validate transactions.

The Solution to Energy Loss:

Bitcoin miners are moving from China to two countries that offer cheap electricity such as Kazakhstan and even texas in the United States.