Bitcoin is one of the well-known digital currencies worldwide, and people like the features of this crypto. Millions of people are investing their hard-earned money in this digital currency in the hope of earning more and more profits from this digital currency investment. However, there are still some facts about this digital currency that you might don’t know. In this article, you will get to know some facts about bitcoin, which will help you know about this cryptocurrency more straightforwardly. So, without wasting more time, let’s dive straight into the topic.
Energy consumption
You need to know that for mining bitcoin, the miners need a tremendous amount of energy. You should know that Ireland uses approximately 5000-kilowatt hours of energy every year. And on the other hand, bitcoin mining consumes 60 terawatt-hours of energy that is 1010 kilowatt-hours of energy multiplied by 6. Imagine that Ireland is the second most populated city in entire Europe, and then also it uses less electricity than the bitcoin mining farms. The energy consumption of bitcoin mining is a significant issue that the environmental supporters have been putting the light on for many months now. You can get more bitcoin information at http://yuan-paygroup.com.
Limited bitcoin
There are only 21 million bitcoins. However, you should know that more than 18 million bitcoins are already in circulation, which means 80 percent of the total bitcoins have already been created. But you don’t need to worry about it because, until the year 2140, there will still be some amount of bitcoin for mining. The reason behind this saying is how the miners of bitcoin are rewarded. The miners are paid 12.5 bitcoin for every block they add successfully to the blockchain technology. And after four years, this reward will be half of its value.
Banning of bitcoin
There are a lot of countries that have welcomed bitcoin with open hands. But there are still some countries that have completely banned the usage of this digital currency. However, some countries have partially accepted bitcoin. For instance, countries like Iran, India, and Thailand have asked their citizens to use cryptocurrency with full caution, but they have not banned this digital currency completely. But these countries are also not accepting bitcoin as legal tender.
The processing power of bitcoin
We all know that bitcoin is created by mining them. Well, the process of bitcoin mining can prove to be quite expensive. You will have to pay plenty of time, money as well as electricity for mining. It would help if you kept in mind that the bitcoin mining needs of the servers used for that particular purpose only. The faster you can process the data, the faster the block will add to the blockchain technology, which means you will be pleased with money.
Losing bitcoin address
You need to know that when you lose your bitcoin address or the private keys, then it means that you are not only losing the unique identification, but you are also losing all of your bitcoin funds that are in that wallet. According to research, 60 % of bitcoin addresses are ghosts now, which means many people who were using bitcoin have lost access to their address. There is no other way by which those people can get access to the wallet again.
Quicker than the supercomputers
Bitcoin is way faster than supercomputers. Yes, you have heard me right, the fastest supercomputer in the world, Summit, works at the speed of 122.3 petaflops. And on the other hand, if you see the entire network of bitcoin, then you will know that the processing power of this digital currency is more than 80704290 petaflops. However, there is no denying that the supercomputer can do many things while the bitcoin network can do only one thing, which adds the blocks to its blockchain.
Conclusion!
These are some of the facts about bitcoin, which you might not be aware of earlier. Therefore, the people who want to invest in bitcoin should always know everything about this digital currency before stepping foot in this world. When you have enough knowledge about bitcoin and its world, you can make better profits.
