When we talk about cryptocurrencies then first question strikes in our mind is that how cryptocurrencies generated? Well, the production of cryptocurrencies is because of the software which is used to solve the typical mathematical problems based on some algorithms. The process of mining for the bitcoin increases its impact on the popularity and price day by day.
This process works in such a way that burn more energy and you will find that you commutate faster with your computer. As a result, there is more chance to win Bitcoins. But with the mining operation, you may earn some bitcoins. If you need the high energy demand then you must consider some from the current value of the currency at $6,422 each.
Credit Suisse gave a report in January that around 80 percent of the winning miners are again investing their money into the consumption of electricity. Half of the cryptocurrency powered by coal plants and done in China. At that point, One question arises that the Bitcoin Should ever reach $50,000 or over five times from its current rate? Ever reach $1.1 million? It may be profitable for the mining of Bitcoin to use the electricity which is currently generated on earth.
But today, the value of Bitcoin reaches $6,424.82. According to the estimation, the annual carbon footprint for Ethereum mining and for Bitcoin is nearly about the average of 6.8 million European inhabitants. My point of view is that if the cryptocurrency industry wants to sustain then it needs to be reform.
Even though the problem is still there, no improvement, the situation is getting worse. Now the value of Bitcoin doesn’t matter where it goes. One thing you have to remember that you need to mine the other cryptocurrency along with the Bitcoin which helps in add up.