Cryptocurrency Craze Among People Be Contained Or Even Regulated
Bitcoin Bitcoin appeared on the market on January 12, 2009, with the first transaction awarding a software developer 10 bitcoins. At that time, the combined value of the ten coins was $0. Within two years, the value of each Bitcoin hit $1; today, one bitcoin is valued at ~$55,000. Analysts forecast that a single bitcoin (BTC) could be worth over $100,000 – or even as high as $1,000,000. It takes about four years to mine 210,000 blocks; that milestone triggers a financial halving. Why is bitcoin mined? Even though you can’t physically see or touch a BTC, the mining process has an arguably and equally large and negative impact on the environment. Significant resources, including electricity (where the bulk is purportedly fossil fuels versus renewable sources) and water for cooling, are essential for the computing power required to “mine” the bitcoin. At the dawning of the bitcoin era, computer enthusiasts could easily mine it. However, today’s efforts require soph...