Did you know that mathematicians have proven gold mining to take 20 times as much resources compared to bitcoin mining.
We regularly hear news stories about how bitcoin mining requires tremendous amounts of electricity, meanwhile analysts have come to a conclusion that supporting the gold mining industry requires 92 million barrels of oil every year. While global oil consumption is estimated at 34 billion barrels a year which means gold mining takes up only 0.27% of this amount. While bitcoin mining only takes 0.07% of global power consumption.
Amid this new data Paul Krugman – an American economist and a Nobel laureate – has changed his stance on cryptocurrencies saying “Gold is dead… in fact, bitcoin has more utility than gold” and that BTC trading volume has surpassed that of OTC gold trading. In 2018 OTC gold markets have reached 446 billion dollars while the bitcoin is estimated at 1.38 trillion dollars this year alone.
Armenia has been demonstrating interest in mining for several years now: the news about the world’s largest mining farm to be opened in the country have first appeared in spring and have gained details since: the mining and data center will be built at the location of the Hrazdan Thermal Power Plant some 45km from Yerevan.