In spite of the significant advancements in energy efficiency and sustainability, the energy consumption of Bitcoin has increased by 41% year over year. However, there are worries that the increase may prompt regulators to crack down on crypto mining. As a reward for validating transactions and safeguarding the network, crypto mining is among the primary methods that people can achieve crypto assets such as Bitcoin (BTC). But, mining the first digital asset can become less profitable if its price falls sharply.
According to Coinpedia, the break even point at which Bitcoin mining operations become unprofitable, as per the CEO of Investment Firm U.S. Global Investors, Frank Holmes, is $12,000, he made this claim in one of the interview with financial media source Benzinga webcast on October 19. In early 2022, Holmes expressed his opinion that Bitcoin Could surpass gold due to the involvement of millennials, hence undermining the treasured metal's role as a store of value.
Possibilities for the Bitcoin mining industry:
Despite the fact that Bitcoin's bulls and bears have been forced to combat for traction while the asset has been attempting to reach the psychological level of $20,000, the BTC miners have maintained to remain uninterested. According to Coinpedia, this is indicated by the fact that the mining hash rate achieved a new all-time high in October. The company Coinpedia, also mentioned about the European Union that is putting up a new rule that focuses to design energy efficiency labels for assets such as Bitcoin in an effort to limit energy use in the industry.
As mentioned in the article, according to reports in the media, the findings of a quarterly study directs that Bitcoin mining only accounts for 1 percent of world CO2 emissions and only consumes 0.16 percent of the globe's total energy result. Furthermore, On October 18, the EU issued a proposal to implement the European Green Deal and the REPowerEU seek, both of which plan to monitor crypto mining and its environment effects.
According to Coinpedia, the break even point at which Bitcoin mining operations become unprofitable, as per the CEO of Investment Firm U.S. Global Investors, Frank Holmes, is $12,000, he made this claim in one of the interview with financial media source Benzinga webcast on October 19. In early 2022, Holmes expressed his opinion that Bitcoin Could surpass gold due to the involvement of millennials, hence undermining the treasured metal's role as a store of value.
Possibilities for the Bitcoin mining industry:
Despite the fact that Bitcoin's bulls and bears have been forced to combat for traction while the asset has been attempting to reach the psychological level of $20,000, the BTC miners have maintained to remain uninterested. According to Coinpedia, this is indicated by the fact that the mining hash rate achieved a new all-time high in October. The company Coinpedia, also mentioned about the European Union that is putting up a new rule that focuses to design energy efficiency labels for assets such as Bitcoin in an effort to limit energy use in the industry.
As mentioned in the article, according to reports in the media, the findings of a quarterly study directs that Bitcoin mining only accounts for 1 percent of world CO2 emissions and only consumes 0.16 percent of the globe's total energy result. Furthermore, On October 18, the EU issued a proposal to implement the European Green Deal and the REPowerEU seek, both of which plan to monitor crypto mining and its environment effects.
