What Bitcoin Means for the Environment When Price Drops

 Bitcoin price falling below $ 24,000 is considered good news for the global environment as many 

"It's too early to make concrete predictions about whether Bitcoin's price drop will ultimately benefit the environment. If this is just a one-day drop, not much will change." , said Alex de Vries. “On the other hand, if the price cannot quickly recover, miners will face a difficult decision ahead.”

Research shows that if Bitcoin stays at $24,000, the global electricity consumption for cryptocurrency mining will drop to 170 Twh annually. The difference from when the price was at the peak of 69,000 USD is equivalent to the amount of electricity used by the whole of Ireland annually.

According to The Verge, cryptocurrency mining is inherently not energy efficient. Mining computer systems verify transactions by racing to solve increasingly complex math problems and in return receive new cryptocurrency "resources". This is also why many are concerned about the greenhouse gas emissions generated by cryptocurrencies.

Bitcoin is currently the largest cryptocurrency by market capitalization. Its fluctuations greatly affect the global environment. “The lower prices will result in less electricity consumption and, as a result, lower emissions,” says Alex de Vries.
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