Bitcoins Dirty Little Secret

Oil prices and natural gas prices were up after the American Petroleum Institute (API) reported a 4.785-million-barrel crude draw and natural gas prices rebounded to try to fill a gap left from a weather forecast price plunge. Yet could one of the reasons that oil and gas are up due to bitcoin prices that recently have gone parabolic? Yes, I know it sounds crazy and it probably is, but the fact is Bitcoin is a very energy-intensive currency.

Bitcoin once again has taken the world by storm. With the increase in price, there is also increased energy demand and this is one reason why there may be a better alternative to Bitcoin. On top of that, regulatory scrutiny for the crypto known as Ripple is taking up space as it was delisted from two exchanges. Yet a story by MarketWatch that the energy to produce Bitcoin is enough to power a country of more than 200 million people as we have spoken of before is making people start to wonder if there is a better way to create a better cryptocurrency. 

Bitcoin will most likely be displaced by another coin that is not as wasteful on energy and bad for the environment. For full disclosure, my money is on CloudCoin and Raida technology. Instead of Blockchain and mining, “CloudCoin uses the patented Raida technology that uses the cloud for transactions making it far superior from an energy standpoint, not to mention speed and security at the same time. I am not recommending this but just making you aware of why I have invested in this and why I think that Bitcoin has some big problems that Raida technology solves.

The energy that Bitcoin consumes is considerable and Marketwatch laid out just how considerable. They wrote, ”The University of Cambridge’s Centre for Alternative Finance attempts to keep track of bitcoin energy consumption. While the exact consumption can never be known, a guess can be produced by tracking the total number of hashes produced by miners and looking at the efficiency of bitcoin mining equipment. The hash rate is the measuring unit of the processing power of the bitcoin network. The recent increase in price — bitcoin BTCUSD, +3.14% has jumped 276% this year, trading around $27,000 on Tuesday — has made it more profitable to use less-efficient equipment. 

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