Martin Lewis Bitcoin Price and Energy Price Predictions

Martin Lewis Bitcoin Price and Energy Price Predictions

Just when it looked like Bitcoin would make a full recovery after the crypto crash of 2022, things became much more complicated. The crash happened in early 2022, followed by the war in Ukraine, supply chain problems, and the biggest energy crisis in modern history. 

Most people see digital currencies and blockchain networks as virtual assets used for trading. However, most people don’t know that blockchain networks like Bitcoin and Ethereum use massive amounts of energy to stay operational. Considering the rising energy prices worldwide, investors are flocking to more efficient altcoins such as Tamadoge.

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Bitcoin – The Largest Energy Consumer in The Blockchain Ecosystem

Bitcoin is the world’s leading cryptocurrency, widely considered the gold standard among digital currencies. There are 21 million tokens, most of which had to be mined before reaching the markets. As a result, millions of mining rigs popped up in countries worldwide, resulting in massive energy consumption over the years.

However, Bitcoin still consumes around 127 terawatt-hours (TWh) of electricity every year. That’s more power than Norway’s annual energy consumption. On average, Bitcoin uses 707 kWh of electricity per transaction, 11 times more than Ethereum. Moreover, ETH is about to upgrade its blockchain to a layer-2 platform, reducing existing energy consumption by 99.95%. Once the platform moves from the proof-of-work to the proof-of-stake approach, it will reduce energy consumption to an absolute minimum. 

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