Since transaction fees also go to the miners, this also drives miner earnings and ultimately energy consumption. Critics see this as a big problem. Many countries have unstable power grids and some cannot handle the increased needs. In January, the Iranian government blamed Bitcoin mining for power outages in the country. On top of that, there is the giant CO2 footprint of all that electricity production. Though Bitcoin's environmental damage is so far only a tiny fraction of what cars and industry produce, these ecological concerns have pushed many miners away from coal power to places with cheaper hydroelectric power.
And despite most concerns, the cryptocurrency still has a big fan base, most famous among them Tesla's Elon Musk. Bitcoin is not the only cryptocurrency on the block though. Some use a similar mining technique to Bitcoin. Others use alternatives in which the block creation process depends on wealth rather than computational power. Last month, the electric carmaker registered an office in Bengaluru, which is a hub for global technology companies. Nigeria — the world's second-largest Bitcoin market after the United States — has banned the trading of cryptocurrencies. It's triggered anger among Nigerians who see cryptos as a safe haven in a battered economy.
After smashing multiple records in recent weeks, Bitcoin is on track to become the gold of the future, investment experts say. But the precious metal, which could hit record prices this year, won't dull so easily. A year-old man was found guilty of removing several screws from high-speed rail tracks in a bid to cause a train to derail. Hundreds of trains passed over the treacherous location before it was noticed. Margrethe Vestager has become famous for putting up a fight against tech giants. She told DW why we still have a long way to go when it comes to equal opportunities in politics — and why quotas are not only for fish.
Prime Minister Boris Johnson has urged caution as stay-at-home orders and other lockdown measures are lifted. Non-essential shops and services, and outdoor dining, should resume later in April. More info OK. Wrong language? Change it here DW. COM has chosen English as your language setting.
COM in 30 languages. Deutsche Welle. Audiotrainer Deutschtrainer Die Bienenretter. Business Why does Bitcoin need more energy than whole countries? An artist's rendition of what a Bitcoin could look like if it were made of metal. Elon Musk, Bitcoin's most famous investor.
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ET Spotlight Special. The past year has been one of its kind - a global pandemic, market uncertainty, countrywide lockdowns, travel restrictions etc. Yet, we witnessed one financial asset on the rise - Bitcoin. The new-age digital currency saw a price recovery from Rs 6,00, in March and is currently trading at around Rs 43,90, And with emerging startups such as CoinSwitch Kuber trying to make Bitcoin investing effortless, millions of retail investors have joined the Bitcoin Bandwagon.
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Share this Comment: Post to Twitter. Rita 4 days ago Hello, Goodnews to everyone in this group.