According to 99Bitcoins, the largest cryptocurrency in the world by its market cap, Bitcoin, has “died” for the 300th time and sunk to $7,300, after the correction yesterday. As Forbes reported, the cryptocurrency faced its “most recent death” in the latest “obituary”.
Bitcoin miners underestimate the risks associated with energy consumption on the global scale, as Forbes reports. The report also stresses such issues as power theft and the cost of mining equipment that constantly rises.
As the report says:
“Predictably, Bitcoin miners downplay both their energy usage and the threat it poses to ordinary people, ordinary businesses and the planet that they occupy.”
Bitcoins’ 200th death which occurred in December made the BTC price hit the $11,000 mark. Six months later, Bitcoin is trading at $7,300. When it comes to the reasons why Bitcoin is sinking, most of them are related to speculations and statements by people like Warren Buffett and Mark Carney, Bank of England’s governor.
Still, there are several prominent figures in tech who believe in the future of Bitcoin – despite the 20% drop last month. One of them is Steve Wozniak, who is confident about a global currency that will benefit everyone. Next to him is the CEO of Twitter, Jack Dorsey, who is confident that BTC will be “the single currency” of the world and the Internet in a decade.
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