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Bitcoin Consumes More Power Annually Than Switzerland, A Study At Cambridge University Reveals

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Bitcoin Consumes More Power Annually Than Switzerland, A Study At Cambridge University Reveals

The recent price upheaval seen in cryptocurrencies has been the hot topic in the cryptocurrency community. Crypto traders and investors have had a rough couple of days as this volatile market keeps shifting by the day.

At press time though, most cryptocurrencies, led by bitcoin seem to have struck a purple patch as they are recording small gains over the last 24 hours.

However, at the University of Cambridge, a certain group of researchers have been busy developing an index that computes the amount of electricity used by the bitcoin network.

This online tool indicates that the bitcoin network consumes more electricity than Switzerland. This revelation has left many in shock. 

It is not the first time we’ve heard bitcoin and Switzerland in the same sentence. Not so long ago, a lot of conversations have sprung up concerning the correlation between the price of bitcoin and Swiss franc, Switzerland’s fiat currency. Now with the ongoing economic uncertainties, bitcoin has been recognized as a safe haven by investors alongside Swiss franc.

Bitcoin’s Energy Consumption Exceeds That of An Entire Nation

This time around, the conversation is centered on bitcoin’s electricity consumption. This research was prompted by concerns over the impact of bitcoin mining on the environment.

Cambridge Centre for Alternative Finance at the University of Cambridge developed an index known as Cambridge Bitcoin Electricity Consumption Index (CBECI) to calculate the amount of electricity that powers bitcoin in real-time then calculating annual power usage.

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J.K. Rowling and Elon Musk Engage in Twitter Conversation About Bitcoin

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J.K. Rowling and Elon Musk Engage in Twitter Conversation About Bitcoin


Just recently, the CEO of SpaceX – Elon Musk took to Twitter to reveal his current holding of Bitcoin. The conversation ensued during an effort to educate British author and film producer – J.K. Rowling on the subject of cryptocurrencies. Following a tweet originally referred to CoinDesk’s senior reporter – Leigh Cuen by the Orator of the Harry Potter fiction on Saturday, for an explanation to bitcoin’s operability.

J.K. Rowling subsequently received Musk’s reply among several others from Bitcoin’s advocates and cynics alike; such as the co-founder of Ethereum and Bitcoin Magazine– Vitalik Buterin, among many others. Notably, the author’s tweet drew some attention to the tune of 2,800 replies, as at the time of writing.

Furthermore, the co-founder and CEO of Tesla, Inc., emphasized that the bulky issuance of currencies by the central banks of various economies is making the digital currency – Bitcoin, more solid in juxtaposition to fiat. Musk also went on ahead to convey his views towards digital money as being positive, even though he currently owns a quarter of a Bitcoin as stated in his tweet that reads;

“I still only own 0.25 Bitcoins btw.”

Yet, Cuen replied Rowling with a reassuring statement while providing her with guides to sample use-cases of Bitcoin. Cuen stressed this in a tweet with the message;

“Hi! My D.M.s are open if you want to chat w/out onlookers. The very short version is: Bitcoin is money fueled by a community of contributors. There is no king or central bank in charge. There are countless stories we can use to explore the ethics of a world w/global currency.”

Albeit, Rowling expressed her discontent with regards to the explanations she received, as her curiosity rapidly became debased by the myriad of responses she received. She disclosed her uneasiness towards the topic in question – with a bit of sarcasm while tweeting the following;

Another noteworthy reply is that of Vitalik Buterin, who added that;

“It is a digital currency. There’s ~ 18m units of it. It is not backed by anything, it’s just valuable because it is, like collectibles. There’s a network of computers (which anyone can join) that maintains a decentralized global excel spreadsheet of how many coins each person has.”

Although, Rowling might have admitted being woozy before publishing these tweets, however, her views on the digital currencies and Bitcoin are unlikely to change when she becomes sober or in the foreseeable future.

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John McAfee Doubles Down On His $1 million BTC Price Prediction. This Time Raising The Bar, Predicting $2 million Before 2020’s End

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John McAfee Doubles Down On His $1 million BTC Price Prediction. This Time Raising The Bar, Predicting $2 million Before 2020's End

You probably will think John McAfee has lost his mind with his predictions. Firstly, a $1 million BTC price, now $2 million before the end of 2020. However, taking a critical look at things fundamentally, some few factors may drive his prediction to come about.

John McAfee, who’s so sure of his prediction has in the past said he would feed on his genitals on national TV if it didn’t come to pass. In his recent forecast, Mr. McAfee, who’s undoubtedly convinced of his position said;

“If Bitcoin is less than $2 million by the end of 2020, then mathematics itself is a flawed disappointment.”

Nevertheless, here are a few factors that could see John McAfee’s outrageous prediction come true.

#1. 2020 Bitcoin Halving

The 2020 bitcoin halving is probably the most anticipated event for bitcoin holders investors. The event, slated for May 2020 would see bitcoin’s reward slashed into two – from its present 1,800 daily rewards to 900. When this happens, it’s expected that the value of bitcoin rises drastically as the asset becomes more scarce.

#2. Global Recession

Countries such as Venezuela is on top of the list of those facing economic turmoil. This situation leaves its citizens looking for a better option – a way to preserve their wealth from drastically declining in value.

It has led to a lot of people seeking refuge in bitcoin. However, Venezuela isn’t alone in this, and if more countries join in, the value of bitcoin could rise exponentially.

#3. Institutional Investors

Another factor that could propagate bitcoin’s adoption would be when Wall Street fully takes an interest in bitcoin. At the moment, things are starting to light up from this angle. Bakkt’s launching, though having a sluggish start, without a doubt has begun to receive some attention from institutional investors.

As reported by ZyCrypto, there was a glimpse of interest from institutional traders when trading volume on the Bakkt exchange reached 224 BTCs on Wednesday, 9th October 2019. However, a full adoption by these investors is expected to give bitcoin’s value a considerable boost.

#4. Bitcoin’s Scarce Nature

Bitcoin is scarce by design. There are only 21 million of it that will ever be. Unlike fiat, where millions are printed periodically, the world is literally fighting to have a piece of the bitcoin pie. It means having it at any price. This demand would, therefore, drive bitcoin price high, several percentages.

While all the above mentioned are true factors that may drive bitcoin adoption, and its price high, a $2 million price prediction for Bitcoin may seem like an over-exaggeration. However, only time would tell as the world watches events roll by.

Let us know what you think in the comment box below.

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