The cryptocurrency market has been going through a tumultuous period in recent weeks. Bitcoin, the most popular virtual currency, has dropped to $4,000 from an all-time high of more than $20,000 in December 2017, down 80%.
The prices of other cryptocurrencies like Ethereum and Ripple also dropped significantly.
The decline in the value of cryptocurrencies is attributed to a number of factors, including regulatory crackdowns by governments around the world and increased scrutiny from financial regulators.
But there is another factor that could contribute to the decline in the value of cryptocurrencies – a sharp increase in global energy consumption by miners.
Mining is the process of creating new coins and transactions are recorded on a public ledger known as the blockchain. This process requires huge amounts of electricity and computing power as it involves solving complex mathematical puzzles – these require huge amounts of electricity to be used to solve these puzzles. by computers connected to the blockchain network.
While there are many ways to mine cryptocurrencies, most miners rely on specialized hardware called ASICs (application-specific integrated circuits) that consume large amounts of power and generate significant heat. since doing their calculations. This has led many to wonder if mining is draining the global economy or whether some hedge
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