As we all know, Bitcoin, which is based on the concept of decentralization, constructs a secure and free payment network, avoiding the problem of traditional currency inflation. In addition, each node can reasonably and effectively allocate resources reasonably in P2P networks, making nodes and the transaction is convenient and fast. Under this kind of money network, each node pays a certain amount of labor to obtain the corresponding resources, commonly known as ‘mining’.
Last year, a large number of Bitcoin currency business enthusiasts joined the Bitcoin mining army, and some even mined in the basement of their home. Not only that but with the lucrative returns of mining, large miners also choose to mine Bitcoin in some places where electricity is cheap. Due to the skyrocketing price of Bitcoin in 2017, the profit of miners was as high as 1400%. However, when the Bitcoin price fell to 6,000 dollars, the enthusiasm of the miners seemed to have not wavered at all, reflecting the fact that the industry was ‘deep’. Because of the price and after the fall, some small players have to choose their position.
Because in the process of Bitcoin mining, it will consume a lot of power. As of August 2018, it is estimated that Bitcoin currently consumes more than 70 trillion watts of electricity per year, equivalent to 0.3% of the total global electricity consumption. The global annual mining revenue is nearly 7 billion US dollars, while the mining cost is nearly 3.4 billion US dollars. Bitcoin currently has more than 6 million US household electricity.
It is for this reason that more and more people are beginning to question the rationality of Bitcoin mining. After all, does it really make sense to consume so much energy for a thing that only exists in the online world? In addition, some environmentalists have joined the team that denounced Bitcoin. They said that in the context of thermal power generation as the mainstream power generation mode, consuming more power is equivalent to putting more pressure on the global environment. Bitcoin mining is indirectly Create pollution! As a result, some countries have begun to restrict or prohibit Bitcoin mining, and even those who violate the rules will even be fined.
Bitcoin Info
Bitcoin price today is at $7213.16, dropping 0.01%. The 24hour Volume of BTC to USD is still at the top of the Bitcoin market.
