Bitcoins were designed in 2018 by Satoshi Nakamoto. It is mined by miners who try to find answers to complex math quizzes, upon which a specified number of bitcoins are released into circulation.
This is a predetermined situation, such that by a particular time that the maximum number of bitcoins will be reached, all the complex mathematical puzzles will have been solved.
Amidst outcries from several environmental conservation, enthusiasts have been concerned about the amount of energy used by miners with their high-energy-consuming computers.
One notable outcry was from Tesla’s Elon Musk, who shared this concern that made it not possible for Tesla to invest in Bitcoin. As much as later on he came around to assure investors of their intention to join the cryptocurrency world in the future.
The emergence of sustainable sources of energy for bitcoin mining has been witnessed in the recent past. Some sources have been quoted to think that bitcoin use of energy is cleaner than most of the high-performance industries. Upcoming research reveals that 79 terawatt-hours are consumed in a year of bitcoin mining. This translates to the intensity of carbon as a major emitted waste is only about 420 grams of carbon dioxide in a kilowatt-hour.
In comparison to other notable industries like transport, health, and construction, this is a dip in the ocean.
Profitability of bitcoin
Several points can be considered to ascertain whether bitcoin mining is a project worth investing in. These include things like the amount of energy used to create more bitcoins, how easy it is to get the device used to mine, its price, and how easy it is to provide the said service.
As a trader, bitcoin volatility is the main driving factor to its profitability. You may not effectively trade cryptocurrency in forums other than the BitQL trading. In this platform, you can trade up to 80 cryptocurrency CFDs using the AI-driven auto trading system. Users can trade crypto easily and at high profitability. It is an easy-to-use platform that runs on autopilot.
At an individual level also, you can determine if bitcoin mining is a worthy venture for you by assessing all the stated factors and working your way through them.
Afterword on bitcoin and cryptocurrency
According to BBC, there are individuals who have come forth to explain their personal decisions to venture into cryptocurrency trade, bitcoin. And have said that depending on the number of times they chose to invest in bitcoin, they gained profits. This does not happen often since after repeated investing efforts, at different times in the span of their investments, they too lost. These were influenced by specific situations like the case of one David Stubley, whose wallet was maliciously accessed by unknown frauds who emptied everything from his account.
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it is not a natural occurrence since there must have been a loose end on his side such that these frauds were able to access his account; the said digital wallet.
Digital accounts are liable to internet fraud include phishing, which could have been the issue in the shared scenario.
Other fraudster possibilities include online hacking. BBC News reported that hackers stole some $600m in what appears to become the largest heist ever in the world of cryptocurrency. Hours after the attack, the hacker started to return the funds in small amounts and later send in millions. August 10, 2021, BBC news channel reported.
However, hacking is not uncommon.
You can keep your digital wallet safe by ensuring that you do not share key information pertaining to the security codes or account access information.