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Ethereum Price Predicted to Climb in the Long Run as Buterin Explains Need for Higher Coin Values
Ethereum Price Predicted to Climb in the Long Run as Buterin Explains Need for Higher Coin Values

Bitcoin News - Bitcoin as Global Currency Will Accelerate Climate Change: Research

  • Alex Morris
    📰 News

    While the gargantuan energy consumption of Bitcoin mining is undeniable, a new study draws a lot of criticism

Bitcoin as Global Currency Will Accelerate Climate Change: Research
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Contents

A new study, which was recently published in Nature Climate Change, reveals the disastrous impact of Bitcoin mining on the environment. It has been estimated that mining farms emit more carbon dioxide (CO2) than all the British cars during a year and the whole Austria with a population of about 9 mln people.    

👉MUST READ One City in New York Considering Making Bitcoin Mining Illegal

An uncontrollable force

Camilo Mora, a researcher behind the aforementioned study, analyzes the current state of cryptocurrency mining and the potential growth of Bitcoin’s adoption in relation to other technologies, such as electricity, credit cards, etc. As of now, Bitcoin represents only a minuscule of the global carbon dioxide emission, but its share may grow exponentially as mining difficulty increases.

The study concludes that Bitcoin could push the Earth beyond two degrees of warming in just 20 years. And that’s a very optimistic figure — if we apply the average rate of growth typical for other technologies, 16 years would be enough for taking a toll on the planet’s climate.   

Mora states that Bitcoin may become something that “we won’t be able to control.” However, he emphasized that the aim of the study is to show the potential consequences of the nascent technology, not to predict its future.

Critics disagree

Nevertheless, some experts dismissed the study as inaccurate. Michael Wilshire, head of strategy at Bloomberg NEF, is certain that Bitcoin will not see mainstream adoption anytime soon, so the comparisons with other disruptive technologies are irrelevant.

David Malone, a lecturer at Maynooth University, claims that Bitcoin may eventually tackle the energy consumption problem by increasing the block size. Malone’s second remark pertains to the energy — using hydropower for mining, for instance, almost eliminates the CO2 emission.

Lastly, Harald Vranken, a professor at the Open University, states that there is no direct correlation between electricity usage and the number of transactions.

👉MUST READ News Outlets Suggest Bitcoin Mining About to Become Unprofitable But They’re Wrong

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Bitcoin News - This Is Why Bitcoin Price Will Surge Higher This Year

  • Thomas Hughes
    📈 Price Predictions

    💸✅Cryptocurrency traders, investors, and HODLer’s will be happy to learn that Bitcoin will surge higher this year📈

This Is Why Bitcoin Price Will Surge Higher This Year
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Cryptocurrency traders, investors, and HODLer’s will be happy to learn that Bitcoin will surge higher this year. The world’s reserve cryptocurrency and the leading digital token has been undergoing a period of recuperation that will soon be complete.

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Last year, uncertain regulation, the so-called Fork Wars, and lack of awareness all played a role in the sharp sell-off and bear-market that has lingered into the current year. Now, many of the issues weighing on the market are disappearing or about to disappear and that is setting up conditions for a massive bull market.

BTC Price Prediction chart by TradingView

BTC/USD chart by TradingView

Fundstrat’s Tom Lee, one of the most prominent and outspoken BTC bulls, says macroeconomic trends are going to underpin the rally he thinks will start before the end of the year. He cites last year’s surging dollar and global market uncertainty as headwinds now gone. In his view, the technical picture is promising but it is the fundamental story that will drive value long-term.

The most important factor for Bitcoins value for Lee is the fact that it, and blockchain, are becoming useful. Banks like JP Morgan, Mizuho Bank, and Santander are all using blockchain while non-financials like Facebook and sovereign nations like Venezuela are also flocking to the technology. This is causing a shift of awareness that will spill into the retail sector and that in turn will further increase BTCs utility and emergence as a stand-alone asset class.

👉MUST READ Could Bitcoin Come Crashing Down? — The Mystery of Satoshi’s Kill Switch

Ironically, Lee says global turmoil is helping Bitcoin’s adoption. Venezuela is only one example where uncertain economic times, skyrocketing inflation, and mismanaged government are pushing people to the blockchain. Bottom line, Bitcoin is going to move higher, a retest of the all-time high (in my opinion) is all but certain.

The Six-Month Bitcoin Forecast You Need to Know Now

Bitcoin has been wallowing near long-term lows for several months now. In recent weeks the coin has begun showing bullish activity that is the first signs of movement in what will become a massive bull market. The near-term outlook is not quite as rosy, the token may continue to move sideways inside its range until one of a few things happens.

BTC/USD chart by TradingView

BTC/USD chart by TradingView

The first possibility is the U.S. government will finally adopt cryptocurrency regulation and/or allow the listing of a BTC based ETF. The next thing that may happen is an advancement in blockchain technology that may include but is not limited to enhancing BTC’s transaction speed and the much-needed and long-awaited upgrade of the Ethereum network; either could spark a massive rally in the entire market.

The final scenario, and possibly more likely, is that the market will slowly return to BTC. Investor confidence was sorely shaken last year, it is taking time for it to heal. Eventually, the market will build to a boiling point and spark a rebound in prices.

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