Skip to main content

as-rip-bitcoinas-rip-bitcoinBitcoin has dropped in value once again reaching $7,300 –

Image
By

as-rip-bitcoinas-rip-bitcoinBitcoin has dropped in value once again reaching $7,300 – in terms of counts, this is the 300th time we have seen a decrease in the value of bitcoin. Experts claim that the reason for this recent downfall is the high electricity consumption and usage of natural resources for mining of bitcoins.

In the initial days of bitcoin, mining was comparatively simple, everyday usage laptops were being used for mining bitcoins and the reward was very good too. With the mainstream adoption of bitcoin, things have changed. Nowadays, high powered gaming laptops are used as the mining tools which are expensive and consume way too much electricity. This high electricity consumption will lead to depletion of energy resources for normal daily life errands and hence it can drastically impact the economy of a country. Some governments around the world are deeming bitcoin mining illegal for the same reason.

If the world continues to mine bitcoins at this pace (100,000 miners are expected to be out there mining bitcoins only), we will soon be facing depletion and a gradual shortage of electrical energy. Although, many alternatives are being introduced to mine bitcoins through solar energy and other natural resources but these are not adopted in the mainstream.

As Bitcoin continues to decline, people are becoming skeptical when it comes to investment. But there are people like John McAfee who believes bitcoin will reach $1M in value by 2020 and Tim Draper who believes bitcoin will be $250,000 by 2025.

Owing to these believers and endorsers of bitcoins, the rate of mining is only seeing a surge. Only time will tell if these miners will reap fruits of profit by investing heavily on these mining rigs


Comments

Post a Comment

FOLLOW US ON FACEBOOK: https://www.facebook.com/unitechsity
:::. .:::
:::. .:::

Share or Like this Post - if you Find it Informative and Cool…
Thanks. Never miss any of my future post
CLICK HERE TO SUBSCRIBE

http://feedburner.google.com/fb/a/mailverify?uri=unitechsity

Once entered, you will have to check your inbox for a confirmation email containing a confirmation link. Once you VERIFY your email by clicking on the confirmation link in the message, you will never miss any future articles.


.

Popular posts from this blog

5 Best Courier Services in Nigeria 2019: Top Postal Companies

By
I could remember back in the days when we sent our mails and parcels through postal offices. But today things have changed and many of us might be wondering if Nigeria still has reliable courier services. The good news here is, Nigeria still does and more are emerging. But due to the exit of The Nigerian Postal Services (NIPOST), lots of personal and corporate enterprise in Nigeria had to search for other means to still have their packages sent as well as ensuring that their sent items are been received by the designated person or receiver. Obviously, when such opportunities present themselves, a whole bunch of individuals and investors have to start looking in the direction of providing a solution to the eminent need and that's what has happened in this sector. We have, as a result, seen new courier services emerging in Nigeria in order to provide the service of helping individuals post their items to others within and outside Nigeria. Most of the successfully establishe
15 comments
grid

post free classied in nigeria - Find Great Deals & Meet Sellers Near You.

By
via IFTTT
Post a Comment
grid

[Album download] Davido – A Good Time

By
Afro-pop music star  Davido  finally unlocked his sophomore album titled  “A Good Time” , following his rise to the to top of the music chain after his debut  “Genesis”  which was released 7 years ago. The long-awaited L.P features guest appearances  Dremo, Chris Brown, Summer Walker, Peruzzi, Wurld, Naira Marley, Zlatan, Poopcan, A Boogie Wit Da Hoodie, Gunna  and  Yonda.  Speaking on “A Good Time”, Davido said: It’s been 7 years since I last dropped a complete body of work. A LONG TIME. Since my first album you’ve been with me and watched me develop, grow. Progress, regress, and progress again. A TURBULENT TIME. Since then I’ve lost too many loved ones. HARD TIMES. But I have also gained 3 beautiful littles ones. A BLESSED TIME. To crown it, I found the love of my life. A BLISSFUL TIME. I’m grateful for all of this. I’m grateful to have been through this journey with all your support. And I’m grateful to be able to share this project which signifies the point of my life I
Post a Comment
grid