Bitcoin mining.

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Nvidia Said We Couldn't Game On This Crypto Mining Card...|16:37

[Bitcoin]

Does 2 Years of Mining Ruin A Graphics Card?|10:18

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Canaan's Tumbling Stock Price.
For Canaan, another major player in the industry, the situation appears to be far worse. While Bitmain and MicroBT have released next-generation mining hardware, Canaan's latest offering, by comparison, falls short on all metrics.
Indeed, as outlined in a previous BeInCrypto report, Canaan's AvalonMiner 1166 and 1146 Pro offer hash rates about 50% lower than MicroBT's WhatsMiners M30S++.
Canaan's newly released Bitcoin miners also use up more electricity than the latest competitor rigs. The inferior miners form only a small part of Canaan's troubles, though. Its stock price has also taken a beating.
At the time of writing, data from Nasdaq shows Canaan stock down by over 66% year-to-date (YTD). Its poor stock performance in 2020 is a continuation of the trend following its disappointing IPO which raised only $90M against a projected backdrop of $400M.
Following the expiration of the 180-day IPO lockup period in May, the company's stock plummeted 25% over two weeks.
[5/6] In April 2020, Ebang filed for an IPO in the US. However, given the current political tensions between the US and China, the Canaan profit warning & Ebang's relatively weak market positioning, we think it will be difficult for Ebang to successfully pull off an IPO pic.twitter.com/DB9rNcoa3c.
According to the BitMEX report, poor corporate governance appears to be a recurring theme for major ASIC players.
The lack of structure within the hierarchy of Bitmain and Canaan is reportedly causing investors to cast a jaundiced glance at the industry.
While Bitmain's dominance decline might point to an intensified level of competition, it appears far more likely that market share distribution will consolidate among two or three major players.
For now, MicroBT and Bitmain remain the clear leaders in the field.
Energy (In)Efficiency In Bitcoin mining Operations.
Takeaway: Bitcoin mining and algorithm hashing are using enormous amounts of energy, and large-scale adoption of cryptocurrency could have large-scale ramifications on the environment.
Don't expect to get rich from Bitcoin mining.
According to crypto guide HowtoToken, you could end up spending at least $1,080 per month on standard equipment, peripherals and energy as a miner. That excludes maintenance costs.
For critics, bitcoin's cost to the environment is even steeper. Not only does it guzzle our limited energy, but it corrodes our environment with carbon dioxide (Co2) that damages our ECOSystem.
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Bitcoin's Carbon Footprint.
Bitcoin miners use 21% of the world's supply of energy. That's enough to power Ireland for one year--or more energy than Hungary used in 2018, according to Alex de Vries, researcher at Netherlands' PricewaterhouseCoopers (PwC).
Put another way, it takes about17 megajoules of computer power to generate one US Dollar in bitcoin--and that discounts the energy used by peripherals such as coolers.
According to the Bitcoin Energy Consumption Index, each bitcoin transaction requires the same energy as 4,000 Visa card transactions, reports Greentech Media. Critics fearbitcoin will consume earth's dwindling and limited energy resources.
All this energy consumption emits about 22 megatons of toxic carbon dioxide annually, according to a study in the scientific journal Joule. That's as much as the carbon dioxide produced by a million transatlantic flights or by a million cars, according to Nature.
Before the Industrial Revolution, CO2 levels in the atmosphere were 270 parts per million (ppm.) By 1960 that had increased to 313 ppm. C02 levels reached 400 ppm earlier this year. Scientists say we urgently need to lower carbon dioxide levels to 350 ppm to reduce flooding and droughts and to feed our growing population.
To mine bitcoin and process transactions, you need to have special equipment. The more bitcoin you mine, the more money you get. In 2014, running 600 servers a year yielded 0.43 bitcoin--then worth about $275.08.
Today, the only way to get rich from bitcoin is to use more energy-intensive equipment that produces bitcoin faster. That's because the algorithm that makes bitcoin becomes more challenging each passing year as bitcoin becomes scarce.
For that reason, the very lowly standard multi-core computer that would have made you about five dollars a day in 2009 has long been supplanted by a mining rig, like the standard Antminer S9 that produces around 13.5 thousand trillion hashes per second. (The more hashes, the more you mine). That excludes the energy used by peripherals, including fans and coolers. ( Read also: How Bitcoin Can Change the World .)
Most bitcoin miners use cloud mining companies, like Genesis Mining, to lease mining hardware or hashing power. They're barely profitable and also absorb huge amounts of energy.
To the extreme, industrial-scale Bitcoin mining rigs, like New York's Greenidge Generation, invest in industrial-scale mining rigs that house row after row of powerful processors. The largest rigs have around 25,000 machines cranking cryptographic puzzles.
These work around the clock, seven days a week, to guzzle enough megawatts of electricity an hour that could feasibly light a thousand homes. Greenidge Generation currently consumes 14 megawatts of the 106 megawatts used in their local environment. To put that in perspective, that's enough electricity to power over 11,000 3-bedroom homes.
According to testimony presented to the U.S. Senate Committee on Energy and Natural Resources, the energy these machines use to produce one bitcoin equals 1% of the world's energy consumption.
According to de Vries, Bitcoin mining gobbles far more electricity per transaction than all the world's banks put together.
In 2018, de Vries told me bitcoin's carbon footprint is about 271 kilograms of CO2 per transaction--or several hundred times that of a standard credit card payment and mostly comes from the very toxic coal.
Criticism Overblown.
Bitcoin enthusiasts say the criticism is overblown.
More than three-fourths of global Bitcoin mining comes from replenishable renewable or clean energy, rather than from finite sources like coal, according to a report by digital-asset management firm Coinshares. (Robert Sharratt, former employee of the Natural Resources and Power Group, puts the number closer to 85% and rising.)
Mining farm Genesis Mining, for instance, uses hydropower in Iceland, while its competitor Greenidge Generation uses natural gas from Dresden. ( Read also: Liberland: The Country on the Blockchain .)
On top of that, each year sees a growing number of bitcoin miners transfer to cleaner parts of the world, like Iceland and the Pacific Northwest, said Katrina Kelly-Pitou, a research associate in electrical and computer engineering at the University of Pittsburgh. Some rigs transfer to hydropower; others use solar power that is less risky than oil, cheaper--and cleaner.
In 2019, Robert Sharratt, environmentalist and crypto enthusiast, told me.
"Former power industry colleagues' in Hong Kong estimate is that more than 80% of all Chinese miners are located in Sichuan province. where they use geothermal and hydro-power energy."
In short, most bitcoin miners use renewables that reduces C02 toxic emissions.
So what could be wrong?
"Cleaner" Isn't Clean.
Not so fast, say those on the other side. The percentage of Bitcoin mining that comes from renewables may be misleading. Hydropower in China is volatile. It is high in the wet season during the summer months and low in the dry season during the winter months, when miners must supplement hydropower with massive amounts of coal.
According to Devries:
"Climate change makes China's hydropower volatility worse year to year. Each year, bitcoin miners get less horsepower than the year before. This means, each year they have to add more coal to waters in dry months than the year before. Bitcoin miners in Sichuan get three times hydropower in the summer than they do in the winter."
De Vries totaled the gigawatts of ¨dirty¨ Bitcoin mining in Mongolia with that produced by hydro sources in Sichuan during its winter season and found that in those six dry months, Bitcoin mining produces between 482 to 500 gCO2eq/kWh (grams of carbon dioxide equivalent per kilowatt-hour.)
"That's an emission factor," he said, "that's precisely the same level as natural gas."
Money Drives the Discourse.
From 2011 to now, Alex de Vries tracked a seven percent year-on-year increase in energy demand in Iran, mostly for Bitcoin mining--and he saw a correlated flow of Chinese miners to that region. As China's drought raised the country's energy prices, Iran's devalued rial lowered Iran's already cheap energy costs.
Chinese bitcoin enthusiasts like billionaire Chandler Hongcai Guo urged local miners to move to Iran, where (as he told his YouTube viewers) electricity drops to well below $0.01 kilowatt-hour and where people can make profits in one to two months.
A startup in Chengdu, China, told CoinDesk:
"Iran has vast natural gas resources and thus the electricity cost can be as low as 0.04 yuan [$0.006] per kilowatt-hour....Now that secondhand miners are being sold cheaply in China, it's a rather reasonable business decision. With electricity that cheap, you can generate profits in one to two months."
That startup had already deployed 2,000 miners in Iran.
"I can't confirm how many miners are moving there from China," de Vries told me last year, "But it's definitely happening to some extent."
China's miners transferred to Iran's gas - which de Vries said, "is thoroughly carbon-dense." He elaborates:
"Pit environment concerns against making a profit and it's money that drives the discourse."
A 2018 Global cryptoasset benchmarking study that tracked the migration of bitcoin miners to "dirtier" resources came to the same conclusion:
"Miners appear to be relatively indifferent with regards to their energy mix and whether it contains renewables. Instead, they prioritize low cost electricity and a steady reliable energy supply."

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The conclusion is that profit trumps environmental science.
Energy-Efficient Bitcoin Systems.
While Bitcoin, Bitcoin Cash and Ethereuem each depend on energy inefficient data mining methods known as Proof of Work (PoW) to operate, newer mining methods that use far less computing power are starting to become more popular.
Greener alternatives include Proof of Stake (PoS) protocols, Bitcoin Byzantine Fault Tolerant protocols and second-layer solutions such as Bitcoin's Lightning Network.
Proof of Stake (PoS) cuts down on energy consumption by allocating mining power to the amount of bitcoins you have (otherwise known as your stake of bitcoins). Example, a miner with 3% bitcoin is allowed to mine 3% of available bitcoin blocks.
Bitcoin Byzantine Fault Tolerant protocols (pBFT), meanwhile, uses node consensus to undercut energy consumption. Key bitcoin stakeholders achieve consensus on accomplishing bitcoin transactions without using massive energy to unravel algorithms.
Particularly promising is the Delegated Proof of Stake (DPoS) system which combines PoS with pBFT.
Finally, second-layer solutions such as Lightning Network plaster bitcoin's original blockchain with a layer that's like a bitcoin freeway. This shrinks the route transactions have to travel, thereby shaving energy consumption.
Profit need not trump environmental science. The trend is for more bitcoin energy-efficient solutions for a sustainable, healthier world. ( Read also: The Future of Blockchain: Experts Predict the Next Big Use of Blockchain Technology. )

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102 Bitcoin and Cryptocurrency Statistics, Facts - You Should Know About!
It has been over a decade since the first cryptocurrency Bitcoin was founded by an unknown person (or group) with the name Satoshi Nakamoto, and it is still not known who exactly that person or group is.
Nevertheless, the crypto market has flourished exponentially in the past years, with several new cryptocurrencies introduced by different startups, banks, and organizations. Also, the companies worldwide have started realizing the importance and potential of the blockchain, the technology behind Bitcoin, for resolving the ongoing issues of various industries.
It is time to take a look at some of the Bitcoin and Cryptocurrency statistics reached by a blockchain development company to see how these currencies have managed to dominate the finance market for good.
102 Bitcoin and Cryptocurrency Statistics & Facts That Will Surprise You.
Bitcoin Statistics and Facts :
1. As of January 2018, Bitcoin amounted 34% of the total cryptocurrency market value.
2. Bitcoin was founded in 2009 with the idea to decentralize the control of money and any other valuable asset.
3. The first merchant transaction using Bitcoin was made on 22 May 2010 by Laszlo Hanyecz, who paid 10,000 BTC in exchange for two Papa John's Pizzas.
4. As of May 2019, the value of 10,000 BTC is more than $53 million.
5. As of April 2019, there are a total of 17.6 million Bitcoins in circulation. Not more than 21 million Bitcoins can ever exist at the same time.
6. The highest price of Bitcoin till date is $20,089 per coin, which was recorded on 17 December 2017.
7. As of April 2019, the total number of Bitcoin transactions reached over 400 million.
8. 107 out of 251 countries do not have any regulation regarding the purchase or use of Bitcoins.
9. As the creator of Bitcoin is still unknown, some people even say that the coin was created by four companies - Sa msung, Toshi ba, Naka michi, Moto rola - in collaboration.
10. According to a TheNextWeb article, 350,000 Bitcoin transactions are performed every day on average.
11. The richest Bitcoin wallet address had 125,805 BTC ($674,551,479 USD), as on 30 April 2019, which is 0.714% of the total Bitcoins in existence.
12. Bitcoin is private (as your name/identity is not made public), but Bitcoin transactions are public (as anyone with your wallet address can see your balance & transactions.)
13. Bitcoins once gone cannot be recovered. If you forget your Bitcoin wallet password or lose your private key, your Bitcoins are gone forever.
15. According to a 2015 survey of CoinDesk, over 90% of Bitcoin holders/users are male, while only 3% of the users are female.
16. Unlike paper money, Bitcoins are totally virtual, which means you cannot touch or feel these coins but can still use them for payments.
17. Unlike fiat currencies, Bitcoins cannot be printed but they have to be mined on a Bitcoin network.
18. As of November 2017, Bitcoin transactions worth $2 billion were being processed on a daily basis.
19. As of 2015, 60% of Bitcoin holders were under 35 years age.
20. The mining power of the Bitcoin network is nearly 300 times than the combined power of the world's top 5 supercomputers.
21. The last Bitcoin will be reportedly mined in 2140, after which Bitcoin mining will be closed.
22. 16 November 2017 was the day when the Bitcoin network witnessed the highest-value transaction of $2.8 billion.
23. The US dollar and the Japanese yen are the two leading currencies to be exchanged for Bitcoin.
24. As of now, Bitcoin is accepted by a number of prominent merchants and businesses worldwide, including Starbucks, Virgin Galatic, Purse.io, Tesla, Peach Airline, Overstock.com, Microsoft, Namecheap.com, Shopify, among others.
25. As of April 2019, the total market cap of Bitcoin is $95 billion ($95,171,475,804 USD to be exact) and the 24-hour volume is $14 billion.
26. For those who purchased Bitcoin at the time of launch, the ROI at the time of writing this article is 3,879.56%.
27. The lowest recorded price of Bitcoin is $65.53, according to coinmarketcap data.
28. In the last months of 2017, Bitcoin became so popular that 321,775 Bitcoin transactions were being performed on average each day.
29. Between 2010-2017, 2014 was the only year when the price of Bitcoin dropped by 62% between the beginning and end of the year. This was because of the hack of the MtGox exchange.
31. Bitcoin's price increased by over 2000% between January-December 2017.
32. Close to 64% of Bitcoin wallets have not been used (called ghost wallets) since their inception.
33. There was a time when you could mine Bitcoins using any CPU, as the difficulty was just 1.
34. The value of Bitcoin in early 2010, a year after its launch, was 2 cents per coin.
35. Bitcoin is not owned or controlled by any single person, as the original founder, Satoshi Nakamoto, never claimed the code ownership.
36. James Howells is a British man who accidentally threw away his hard drive containing the private keys to his Bitcoin account having 7,500 Bitcoins (worth $39 million today) in mid-2013.
37. The number of search queries and interest for 'Bitcoin' in Google was the highest in December 2017.
38. The Bitcoin mining difficulty was the lowest at the time of launch and has gradually increased over the years. Between January 2017 and January 2018, the average Bitcoin mining difficulty increased by six times.
39. Bitcoin has nearly 9,000 mining nodes, while its closest competitor Ethereum has about three times, 25,000 nodes to be exact.
40. A total of 17,675,979 Bitcoins has been mined as of 01 May 2019, with a total market value of $94,615,984,442.
41. It took five years (from 2009 to 2014) for Bitcoin price to reach the $1,000 milestone, while it took only one year (from January 2017 to January 2018) for the price to increase by $13,000.
Interesting Statistics & Facts About Cryptocurrencies in General :
42. Now that you know every interesting thing there is to know about Bitcoins, let's get to know about some other, more general cryptocurrency facts and statistics.
43. As of December 2018, the overall market capitalization of cryptocurrencies was $100 billion, which is more than the GDP of 127 countries.
44. As of April 2019, total 2141 cryptocurrencies are listed on the coinmarketcap website, with a total market cap of $175 billion in 18080. Bitcoin dominates 54.2% of the market.
45. Ethereum is the second most popular and valued cryptocurrency after Bitcoin, with a market cap of $17.1 billion.
46. Google recently lifted its ongoing ban on cryptocurrency ads in search results, indicating that it might be exploring a future in cryptocurrencies.
47. Cryptocurrencies are exceptionally volatile in nature. Moreover, their trading on crypto exchanges rather than central exchanges further adds to their volatility.
48. Cryptocurrencies aren't controlled or managed by any centralized government or bank and have no tangible parameters for valuation. BASICally, it is quite difficult to determine the value of a cryptocurrency.

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50. Cryptocurrencies are prohibited in a number of countries, including Nepal, Bolivia, Lebanon, Ecuador, Indonesia, etc. Some countries have even declared the use of digital currencies as illegal.
51. Cryptocurrency mining continues to remain a lucrative business, and China is the biggest industry player with 75% control over the mining network.
52. ICO or Initial Coin Offering refers to the sale of cryptocurrencies in the exchange for investor funding for a blockchain-based startup.
53. In terms of funds raised, EOS (6/26/17 - 6/18/18) has been the most successful ICO of all time, with $4.1 billion total amount raised in a period of one year.
54. Cryptocurrency is practically usable in every industry that deals with financial or digital transactions.
55. Another interesting thing about cryptocurrencies is that anyone can create one. You don't need special authority or permissions in order to create a digital currency.
56. Blockchain is the real power behind everything a cryptocurrency can do.
57. It is 'physically' impossible to ban cryptocurrencies, as these are digital currencies unregulated and decentralized in nature.
58. According to ICOdata.io report , 875 ICOs (Initial coin offerings) collectively raised over $6 billion in 2017.
59. The fund raised by 1258 ICOs in 2018 was nearly $8 billion.
60. Miners are a crucial part of the cryptocurrency system, as they are required to verify and process the transactions in an unregulated blockchain system.
61. Noted investor and one of the world's richest man Warren Buffett said in an interview in 2014 that he thinks Bitcoin was nothing more than a "mirage" and just a way to transfer money.
62. Until 2017, institutional investors avoided investing or even talking about cryptocurrencies. This changed in December 2017 when CBOE Global Markets introduced its Bitcoin futures trading platform.
63. Although most people (more than 80% of Americans) are aware of Bitcoin, many of them have never heard of other cryptocurrencies such as ETH.
64. About 75% of people have no idea what an initial coin offering (ICO) is.
66. As of March 2019, Maker coin ($676.83 per unit) was the second most expensive cryptocurrency after Bitcoin ($3,879.32 per unit).
67. As of April 2019, there are 4,518 Bitcoin ATMs worldwide, with the United States being the country with the highest number of Bitcoin ATMs.
68. Ironically, security is one of the primary reasons people give for not using cryptocurrencies for online transactions.
69. The market capitalization of Bitcoin was 86% in 2015, which dropped to 48% in 2018.
70. 129.52 was the price of 1 Bitcoin cash in February 2019.
71. As of December 2018, 259,000 Bitcoin transactions were being performed on a daily basis.
72. As of March 24, 2019, the Bitcoin mining difficulty was 6,379,265,451,411 and the Hast Rate was 45,664,560,811 GH/s.
73. Satoshi Nakamoto, the so-called founder of Bitcoins, is said to own 980,000 BTC.
74. As of 2017, most of the Bitcoins (96% to be exact) were owned by only 4% of all BTC addresses.
75. The increasing price and competitiveness of Bitcoin gave birth to many other alternate coins, commonly called altcoins.
76. 4.68% of youngsters have invested in some kind of cryptocurrencies.
77. Only about 21.05% of cryptocurrencies have been mined, the remaining have been bought by their owners.
78. Bitcoins are so popular that they get a social media post every 3 seconds.
79. In 2017 alone, there were 914 new cryptocurrencies introduced in the market.
Here are some Interesting Facts & Stats about Blockchain (other than Bitcoin and Cryptocurrency statistics, facts):
80. Blockchain is the biggest technology evolution the world has seen after the Internet.
82. In more complex terms, blockchain is an immutable, digital ledger of records, which are connected via cryptography and store verified transactions and data.
83. The Blockchain ledger is managed by a cluster of distributed nodes (computers), each of which has the same copy of records.
84. Decentralization is the main feature of blockchain which ensures that there is no centralized storing of data, which enhances the transparency and security of digital assets/data.
85. Blockchain has applications in virtually any industry that has anything to do with the storage, management, and/or transfer of digital data or assets.
86. Blockchain transactions are faster, more secure and global, as blockchain miners are working 24*7, unlike banks which operate in specific business hours only.
87. Blockchains do not have any middleman, which means the transaction costs are much lower in a blockchain as compared to the traditional banking system.
88. As of 2018, the blockchain technology market had a total valuation of $1.2 billion, which is expected to grow to more than 23.3 billion by 2023.
89. The Finance sector, with over 60% market capitalization, is at the top of the list of industries investing in and utilizing the benefits of blockchain.
90. Owing to its immutable distributed ledger technology, blockchain tech offers possible uses to businesses in a wide range of industries.
91. As of 2018, supply chain management, digital currency & payments and internet of things (IoT) were the three most common applications of the blockchain in organizations.
92. 34,660,975 was the number of blockchain wallet users worldwide, as of the first quarter of 2019.
Cryptocurrency Mining Facts & Statistics :
93. Cryptocurrency/Bitcoin mining is the process of creating new blocks by verifying transactions involving various cryptocurrencies.
95. Bitcoin mining difficulty is a parameter which determines how many coins will be mined in how much time.
96. The Bitcoin mining difficulty is adjusted after every 2016 blocks to ensure that it takes about 10 minutes (600 seconds) to discover each new block.
97. The price of Bitcoin is related to the mining difficulty. As the price drops, the difficulty is reduced, making it easier to mine the coins.
98. Bitcoin mining rewards are halved (reduced by 50 percent) after every 210,000 blocks or once every four years.
99. As of January 2019, the Bitcoin mining reward was 12.5 BTC per block.
100. The next Bitcoin reward halving will occur on May 11, 2020, when the reward for each newly mined block will be reduced to 6.25 BTC.
101. As per the report, an average of 1800 new bitcoins mined per day. This can be calculated by multiplying average blocks mined per day (144) x a block have 12.5 bitcoins, so 144×12.5 = 1800.
102. As of Dec. 2019 data, There are 2,893,675.0 Bitcoins Left to Be Mined.
The worth of blockchain technology lies in its usability and capability for solving real-world problems. There are a number of projects which are trying to implement the same.
If you're also looking to develop your own cryptocurrency or blockchain project, do reach us to discuss your requirements and Hire a professional ICO development company.
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Mining the deep sea: the true cost to the planet - The Economist|10:22

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Bitcoin mining Statistics.
Bitcoin mining Stats 2018.
bitcoin, Bitcoin mining, bitcoin colocation, bitcoin hosting.
Cryptocurrencies are a relatively new development; the first of its kind, Bitcoin, was created just nine years ago, in January of 2009. Ever since the mysterious Satoshi Nakamoto developed the revolutionary digital currency, thousands of others have popped up.
The price of cryptocurrencies have skyrocketed in the second half of 2017, the welfare of which is looking nowhere but upwards in the upcoming year, and beyond.
Bitcoin are pumped into the world's supply through mining , in which independent parties verify the transactions of others, in turn breaking off tiny chunks of the cryptocurrency in compensation for their computing power, Internet access, and cost of electricity.
Let's look at some of the most thought-provoking statistics regarding Bitcoin mining in 2017.
Some ______ Are Bigger Than Others.
Many people compile their computers' digital power together to mine Bitcoin. As with many things in life, cryptocurrency mining is easier in pools than when individuals mine individually. Some Bitcoin mining pools are larger than others, as hosts of such groups of investors continually try to build the largest pools on the World Wide Web.
Currently, BTC.com hosts the largest Bitcoin mining pool on planet Earth, featuring a hash rate distribution of 19.2 percent, in terms of all Bitcoin-related hashes in the last four days, ending Saturday, 12:14 P.M., December 30th, Eastern Standard Time.
The General Difficulty Of Bitcoin mining Is Slated To Drop.
The difficulty of mining Bitcoin refers to how much computing power must be poured into such activities to return a standardized unit of the cryptocurrency. As of today, the Bitcoin difficulty is currently rated at 1,590,896,927,258.
Bitcoin network mining difficulty changes every 2,016 blocks. In as-simple-as-possible terms, such difficulty is expressed in a numerical term to describe how difficult locating a particular hash is. The next Bitcoin mining difficulty will decrease about 16.5 percent, down to 1,328,621,131,354, making it slightly cheaper to earn the same amount of Bitcoin.
Electricity Used To Mine Bitcoin Is Collectively More Massive Than 81% Of Planet Earth's Electricity Consumption.
Cryptocurrencies are created as computers decrypt digital puzzles. Bitcoin, for example, currently has about 16.7 million units outstanding. When all bitcoins have been mined, there will be an even 21 million bitcoins in circulation.
As people mine Bitcoin, they're given a small sliver of the value of the transactions they verify through mining. Bitcoin mining isn't free, however, and relies on complex, advanced, expensive computers, the cost of Internet connections, and electricity.
Bitcoin is more popular than ever before, and, by extension, so it Bitcoin mining. Research indicates that, worldwide, more electricity is used to mine Bitcoin than the aggregate electrical utilization of the world's 159 smallest countries - that's a lot !
The Largest Bitcoin mining Pools Has Varied Over Time.
Bitcoin mining pools, as discussed earlier, earn greater returns by joining forces than mining on their own, individually. As such, the cryptocurrency market has strong demand for digital companies to host mining pools.
AntPool has given BTC.com a strong run for its money over the past twelve months, effectively competing at a neck-to-neck level with BTC.com, ViaBTC, and BTC.TOP.
The market is likely to continue supporting staunch competition between mining pools for the foreseeable future.
Bitcoin Bubbles Bursted In Previous Years.
Although 2017 has been the best year for cryptocurrencies, by far, 2013 and 2014 have hosted strong rallies in Bitcoin rallies. At the end of each fiscal year, such rallies fell off, causing big, big bursts of quasi-speculative bubbles.
Bitcoin holders should exercise caution in loading up on Bitcoin in coming months - January, at minimum - as the price could collapse even further.
Bitcoin Core Is The Most Popular Voting Preference.
Bitcoin Core voting preference refers to the choice of miners to seek out traditional, bASIC Bitcoin instead of other blockchain forks. Nearly half of all voters of mining pools prefer Bitcoin Core, with 49.9 percent of mining constituents reporting such.
Bitcoin.com.au.
BITCOIN STATISTICS AND TRENDS: GLOBAL + AUSTRALIA EDITION.
Here's our definitive answer (with examples).
Bitcoin with an uppercase "B" is associated with the protocol and payment network. Use the capitalised form when talking about the ECOSystem. If you want to get grammatical, think of uppercase "B" as a proper noun.
Most writers will use the lowercase "b" version to describe units of BTC and when referring to it as a form of currency.
For example, "This article is dedicated to discussing the evolution of Bitcoin and how it has been, and is being, mined, as well as the electrical consumption implications with creating new bitcoins via Bitcoin mining."
To this day, the inventor of Bitcoin remains a mystery although Australian Craig Wright claims that he is Satoshi Nakamoto. For those of you who don't know, Satoshi Nakamoto is the name used by the pseudonymous person or persons who developed Bitcoin.
In the past we have already explained what Bitcoin and blockchain are so we won't go over again.
BTC Price (And Who Prices The Price)
Right now, this is the price you can pay for bitcoin on our exchange.
If you shop around, however, you will notice that there are multiple buy/sell prices for bitcoin available on different exchanges. At the time of writing, the three largest exchanges based on bitcoin trading volume within the past 24-hours are BitMEX (Seychelles), Bybit (Singapore), and OKEx (Malta).
As you can see from the above visual, the top 3 cryptocurrency exchanges nearly accounted for the entire day's bitcoin trading volume.
Within 24-hours, hundreds of price fluctuations to bitcoin take place and this volatility is driven by demand and supply. This demand and supply is how the market determines a price for bitcoin at any given time.
Cryptocurrency exchanges help facilitate the buying and selling of bitcoin and add their service fee on top of the market price of bitcoin.
For most of its first infancy, bitcoin had a price of less than a dollar. This is because no one was interested in trading bitcoin for US dollars.
The digital currency first hit a price of USD 1,000 on Mt. Gox in late November 27, 2014. Its run, however, was short-lived.

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Figure 2: bitcoin price (USD) graphed against twelve month period (via Buy Bitcoin Worldwide).
It wasn't until February 2013 that bitcoin began gathering mainstream interest although according to this source, FOMO (fear of missing out) drove a lot of demand for bitcoin in 2016 through to 2017 (refer to the above graphic).
What Happened To Bitcoin In 2015?
The lowest price of BTC in 2015 was January 14, 2015(USD 177.28/AUD 217.22).
The highest price of BTC in 2015 was December 15, 2015 with a peak price of USD 465.50/AUD 646.58.
What Happened To Bitcoin In 2016?
The lowest price of BTC in 2015 (USD 358.77/AUD 522.94) occurred on January 15, 2016.
The highest price of BTC in 2015 (USD 978.01/AUD 1,361.68) occurred on December 28, 2016.
In June 2016, BTC experienced a mid-year rally, peaking at USD 768.24.
What Happened To Bitcoin In 2017?
The price of Bitcoin was its lowest (USD 775.98/AUD 1,042.84) January 11, 2017.
The price of Bitcoin reached its peak (USD 19,343.04/AUD 25,304.56) on December 16, 2017.
What Happened To Bitcoin In 2018?
The price of Bitcoin was its highest at the beginning of the year (USD 17,135.84/AUD 21,795.07) on January 6, 2018.
Throughout the year, the BTC price continued on a downward trend, finally bottoming out on December 15, 2018 at USD 3,703.80/AUD 5,119.39.
If you had bought and held BTC at its peak price in 2015, you would have still been ahead had you sold your BTC at the lowest BTC price in 2018.
What Happened To Bitcoin In 2019?
At the time of writing, there are still 2 more weeks until Christmas.
Figure 7: bitcoin price (USD) graphed against twelve month period (via Buy Bitcoin Worldwide).
As the chart above shows, BTC price rallied towards the end of April 2019 and reached its peak on June 26, 2019 with a price of USD 12,907.14/AUD 8,472.70; a far cry from the lowest point on February 6, 2019 (USD 3,383.67/AUD 4,761.16).
With that said, the year is yet to end and BTC does appear to be on a downward trajectory once again.
As we approach the next bitcoin halving event, punters continue to speculate what this may mean for bitcoin.
What Have Been The Biggest BTC Trading Days In History?
At the time of writing, the biggest day in bitcoin training was on Friday 8, December 2017. This coincides with an 8 percent drop in the price of bitcoin. A total volume of AU $5 billion of bitcoin was bought and sold on this day.
# Date Bitcoin Trading Volume (AUD) 1 Friday, 8 December 2017 $ 5,055,591,563.90 2 Tuesday, 6 February 2018 $ 3,947,318,653.82 3 Wednesday, 29 November 2017 $ 3,972,979,092.39 4 Tuesday, 16 January 2018 $ 3,473,952,462.56 5 Wednesday, 20 December 2017 $ 3,585,231,813.73 6 Monday, 11 December 2017 $ 3,305,940,721.39 7 Saturday, 23 December 2017 $ 2,549,348,322.39 8 Tuesday, 26 December 2017 $ 2,261,086,848.59 9 Sunday, 17 December 2017 $ 2,138,140,367.20 10 Wednesday, 10 January 2018 $ 2,038,940,652.40.
Figure 8: ten of the highest bitcoin trading volume days expressed in AUD (data via Blockchain, historical FX calculated via Fxtop).
Using historical AUD/USD exchange rate data, the above table shows the 10 largest bitcoin trading volume days. As you can see, all of the dates are within a 120-day period of each other. That is, from late November 2017 through to early February 2018.
Bitcoin in Australia.
Unlike fiat currency that is printed and distributed by a government, no single country or government owns Bitcoin. This is what makes Bitcoin a decentralised digital currency.
Figure 9: legal status of cryptocurrencies across the world - blue indicates banned status, red indicates absolute ban (via Library of Congress).
The map provided by Law Library of Congress (US) shows the legal status of cryptocurrencies across the world. As you can see, digital currencies such as bitcoin are legal to trade, mine, and to hold as an investment asset in Australia.
In the eyes of the Australian central bank (Reserve Bank of Australia), bitcoin and other digital currencies have no legislated or intrinsic value. It is not a form of money despite its ability to be used to make payments and as such, bitcoin is not legal tender.
Due to its decentralised nature, the Australian Tax Office (ATO) does not classify Bitcoin as an official currency for taxation purposes. Specifically, as per its guidance paper published online here, the ATO views BTC as neither money nor foreign currency and as a result is not subject to GST.
In Australia, Bitcoin may be used for both personal and business transactions. It is seen by the ATO as an asset for tax purposes and there may be tax consequences upon selling it or using it to buy goods or services.
Generally speaking, there are no tax consequences when buy and use Bitcoin to purchase goods or services as it is seen as a personal use asset.
More commonly, Bitcoin is purchased as an investment vehicle and capital gain tax will apply in these cases.
Australian businesses are free to accept Bitcoin as payment for goods or services. In doing so, the Australian dollar equivalent value received must be recorded as income. Similarly, the business must issue an invoice with the Australian dollar equivalent value. Normal GST rules apply.
In terms of trading Bitcoin, Australians are free to buy and sell BTC through any exchange they want.
AUSTRAC has the authority to regulate all cryptocurrency exchanges in Australia.
Australian digital currency exchange providers must apply to register with AUSTRAC, renew their registration every three years, and have an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program specifying how the exchange complies with AML/CTF.
Bitcoin mining Is Not Profitable In Australia.

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5 MUST DO Tips For Mining In Windows 10|8:12

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FPGA Mining ICO, Crypto Exchange, Bitcoin Mining by [HOST]|0:10

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Hashgains ICO Mining Business pre ICO Talk|18:06

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The profitability of crypto mining comes down to the following factors:
The cost of hardware Block difficulty Power cost.
Power in Australia is more expensive than in many other parts of the world. South Australia and New South Wales have the highest mean household electricity prices (37.62c/kWh and 27.56c/kWh respectively). According to Canstar, the average electricity usage rates per kWh across Australia is more than 20 cents per kWh.
As unlocking Bitcoin blocks continues to gain difficulty, the financial reward halves every 210,000 blocks. Even if you could pick up cheaper second hand hardware, you will be competing against major players who have dedicated mining centres filled with ASIC miners. Factoring in their cheaper electricity costs, mining bitcoin as an individual in Australia is no longer feasible.
The Evolution of Bitcoin mining.
Another key feature of the cryptocurrency is that the only way that new Bitcoin is produced is via a complex process called "mining".
Bitcoin mining is a process of completing complex calculations known as hashes.
Each hash has a chance of yielding Bitcoin.
Therefore, the more hashes a miner performs, the greater the probability of earning Bitcoin and, thus, making a profit.
Bitcoin mining like many other cryptocurrency mining is legal in Australia.
Each Bitcoin block is around 1 megabyte in size. Verifying this block is the easy part. Being the first miner to arrive at the right answer (known as proof of work) is what makes Bitcoin mining increasingly difficult.
What makes Bitcoin unique as a digital currency is that there can only be 21 million bitcoins in existence. At the time of writing, over 18 million Bitcoin have been mined. Once the remaining 3 million Bitcoin are mined, no further bitcoin can be introduced into circulation.
We can only speculate what will happen once this happens.
Bitcoin mining has evolved a lot since 2009.
In the early days of Bitcoin, mining was predominantly done via a computer's CPU. The amount of computing power necessary was relatively low and only hobbyists and those with a personal interest in cryptocurrency were mining Bitcoin. This is because miners were rewarded 50 BTC per block they unlocked. Back in 2009, 50BTC had little to no monetary value.
According to this source, if you had a couple of decent-specced computers, you could have earned $5 per day.
Satoshi envisioned that Bitcoin would be mined on user's CPUs. But once Bitcoin mining became mainstream, GPU mining quickly replaced CPUs. This was because GPUs are more efficient at executing repetitive instructions than CPUs. Expressed as numbers, a CPU core can execute 4 32-bit instructions per clock versus 3200 32-bit instructions per clock of a Radeon HD 5970 GPU. This difference of 800 is significant.
GPUs were so popular for cryptocurrency mining that from Q2 2017 there were reported stock shortages and price hikes. This wasn't the first time GPU prices went up due to mining - the price of AMD Radeon cards were significantly inflated in 2013.
Figure 10: as Bitcoin mining became popular so did the inflation of GPU prices.
According to ZDNet, three million GPUs were purchased in 2017 alone ($776 million).
As the demand for efficiency mirrored that of Bitcoin block difficulty, FPGA and ASIC mining came onto the scene.
Figure 11: visual representation of the exponential increase in unlocking bitcoin blocks (via BTC.com).
Bitcoin's mining difficult adjusts after every 2,016 blocks, or roughly every 14 days. This is done to ensure the time to product a block remains around 10 minutes.
But how does Bitcoin difficult impact on a miner?
One such user on Stackexchange posed the following question.
"If I mine X Bitcoins per day and the difficulty increased by Y percent, how many coins will I get after this?"
A helpful member was able to provide an answer to the question.
Your profit relates to the amount of hashing power you contribute to the network. Since you rmining power is constant, your share of the total hashing power decreases relatively when the network's hashing power increases. That is, we can deduce the following formula:
newProfit = currentProfit * currentDiff/newDiff.
At a currentProfit of 1BTC/d and a 30% increase in difficulty, you get:
(1BTC/d)*100/(1-+30)= (1BTC/d)/1.3 = 0.76923077 BTC/d.
That is, your profit decreases by approximately 23 percent.
In a 2012 research paper titled "A Performance And Energy Comparison Of FPGAs, GPUs, And Multicores For Sliding-Window Applications" , the authors found FPGAs can achieve speedup of up to 11x and 57x compared to GPUs and multicore CPUs respectively.
The following graphic representation taken from this 2016 whitepaper shows the significant processing power GPUs have compared to FPGAs. At the same time, the power efficiency of FPGAs are substantially higher than those of GPUs.
Figure 12: best GPUs compared against FPGAs. (via BERTEN).
However, factoring in the cost of FPGAs into the equation, it becomes clear where price efficiencies lie per GigaFlop.
The popularity of FPGAs was short-lived as they were soon replaced by ASIC mining.
As seen in the below graph, early miners such as the Bitmain Antminer S3 had an efficiency of 0.77 J/Gh. Compare that with the Bitmain Antminer S17 Pro released in April 2019 with an efficiency of 0.04 J/Gh.
Figure 13: graphic representation of how bitcoin miners have progressed in efficiency across time.
The lower the Joules per Gigahash (J/Gh), the more efficient a Bitcoin miner is.
The Bitmain Antminer S17 Pro has an estimated profitability of $2.41 per day whilst delivering a hashrate of 53Th/s according to this source.
Figure 14: estimated profitability of current and past application-specific-integrated-circuit miners (via ASIC Miner Value.
Another anomaly Satoshi never foresaw was the emergence of mining pools. That is, instead of individual miners as per Satoshi's single CPU and single vote design methodology, mining pools allow users to combine their hashrate.
At the time of writing, the largest mining pools are Poolin, F2Pool, BTC.com and AntPool. Combined, these four mining pools account for over half of hashrate distribution. A quick Google search of these mining pools will indicate that they are all based in China.
Bitcoin mining's Electrical Consumption.
Estimates on electrical energy demand of Bitcoin mining varies.
According to coinshare, the estimated total electricity draw of the global Bitcoin mining industry is approximately 4.7GW. This was based on an assumption that the amount of energy required for hashing alone was approximately 4.3GW.
In 2014, O'Dwyer & Malone suggested in their paper ' Bitcoin mining and its Energy Footprint' ' that the total power used for Bitcoin mining is around 0.1-10GW.
Written testimony presented to the U.S. Senate Committee on Energy and Natural Resources by Associate Professor of Computer Science Arvind Narayanan in August 2018 claims Bitcoin mini accounts for approximately five gigawatts of electricity per day.
Another Bitcoin electricity consumption estimate by Marc Bevand is approximately 4.12-4.73 TWh/year.
Figure 15: popular regions where Bitcoin mining exists around the world (via CoinShares).
Sixty percent of global Bitcoin mining occurs in China with Sichuan producing half of the global hashrate.
This is an interesting statistic given that cryptocurrency trading is illegal in China and initial coin offerings are banned. Yet, China has been the epicentre of global BTC mining than any other country.

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In early 2019, Beijing seemed to crackdown on Bitcoin mining. It signalled its disapproval by recommending its local governments to phase out "virtual currency mining" in a draft version of the Catalog of Guiding Industry Restructuring. Originally slated to be eliminated, the final published version makes no reference to virtual currency mining.
Yunnan, Xinjiang and Inner Mongolia are other popular Bitcoin mining regions.
The southwestern provinces of China (e.g., Sichuan) are predominantly hydroelectricity powered. During wet season, electricity prices can fall as low as 2.5c/kWh. However, once the dry season returns, electricity prices rise, some mining operations will move to Xinjiang to take advantage of cheaper cheap cal and wind power.
Of the remaining 40 percent of miners, 35% of global hashrate production is evenly split between Washington, New York, British Columbia, Alberta, Quebec, Newfoundland and Labrador, Iceland, Norway, Sweden, Georgia and Iran. With the exception of Iran, the majority of these mining centres are hilly or mountainous regions traversed by powerful rivers.
One of the earliest recorded transactions that gave Bitcoin a real-world valuation came from an interesting forum post. On May 18, 2010, Lazlo proposed to trade 100,000 bitcoin in exchange for two large pizzas from Papa John's (cash value of $25).
Figure 16: the first bitcoin transaction that gave Bitcoin monetary value originated from Lazlo who proposed a trade of 100,000BTC for 2 large pizzas (via Bitcoin Forum).
Four days later, the same user reported that his 100,000BTC had been successfully traded for pizza.
Figure 17: Lazlo reports the success of this trade of 100,000 bitcoin for 2 large pizzas (via Bitcoin Forum).
Almost ten years later, the Bitcoin paid for the two pizzas would have been worth approximately $800 million.
41 Amazing Cryptocurrency Statistics You Need to Know.
Last Updated: June 28, 2020.
General Cryptocurrency Statistics.
Cryptocurrency Adoption Statistics.
Cryptocurrency Statistics by Country.
Cryptocurrency Market Statistics.
Cryptocurrency Mining Statistics.
Cryptocurrency Security Statistics.
Top 10 Cryptocurrency by Market Cap.
Bitcoin was the first decentralized cryptocurrency . It was created in 2009. Since then, it has experienced massive growth. The amount of success that Bitcoin has achieved exposes the flaws in our traditional banking system. It has also brought about thousands of other cryptocurrencies known as "alt-coins."
Several businesses around the world now accept various forms of cryptocurrency as a means of payment for goods and services.
In light of cryptocurrencies' popularity, we have decided to bring you some of the most crucial cryptocurrency statistics to sate your knowledge thirst.
Fascinating Cryptocurrency Statistics.
Listed below are some of the mind-blowing cryptocurrency stats . Let's have a look.
As of May, 2020, the cryptocurrency market cap is $265.545 billion . The global blockchain market will go up to $23.3 billion by 2023 . Bitcoin alone accounts for $6 billion of daily online transactions . Between 2012 and 2020, Bitcoin has gained 193,639.36% The cryptocurrency market is predicted to grow with a CAGR of 56.4% from 2019 to 2025. Globally, cryptocurrency users have exceeded 40 million . Turkey is the country with the highest rate of cryptocurrency adoption (20%) .
The figures mentioned above are jawbreaking, considering the relatively short time that cryptocurrencies have been in existence. We believe this should give a hint as to why the world is clamoring for increased adoption of cryptocurrencies.
Let's talk about Bitcoin, cryptocurrency, blockchain, and the different milestones attained thus far.
1. A post on Bitcoin surfaces on social media every three seconds.
(Source: Finder)
A recent cryptocurrency stat revealed that there are 28,866 social media posts on Bitcoin posted online daily. If we do the math, then about 1,203 posts are made every hour . That is about 20 posts per minute !
2. Between 2012 and May, 2020, Bitcoin has gained 193,639.36%.
(Source: Coin.Dance)
According to cryptocurrency growth statistics , Bitcoin has outperformed numerous commodities such as gold. Currently, the price of gold is at $1,723.76 per ounce, whereas that of Bitcoin is hovering around $9,648.22.
3. Bitcoin is the most popular cryptocurrency.
(Source: Coin Casso)
Bitcoin occupies 68.7% of the whole cryptocurrency market. That equals about $117 billion . Also, cryptocurrency statistics for 2020 show that its market cap is higher than that of all other cryptocurrencies combined.
4. The cryptocurrency with the highest growth rate in 2017 is Ripple (XRP).
In 2017, Bitcoin experienced its highest growth rate to reach its peak worth of $19,783. However, global cryptocurrency statistics have it that in the same year, another cryptocurrency was also reaching its landmark, surpassing Bitcoin in growth percentage. Bitcoin in 2017 experienced a 1,318% growth percentage , whereas that of XRipple was pegged at 36,018%.
5. Nearly 980 million malware are already in existence around the world.
(Source: Data Prot)
Malware is a piece of code used to gain unauthorized access to a computer system. It makes cryptojacking possible, and can also be used to steal sensitive information from your computer, like your Bitcoin wallet private key. That said, you might want to consider getting an antivirus solution to keep your information safe.
6. The first ten cryptocurrencies with the highest market cap make up about 88% of the total cryptocurrency market value.
(Source: Block Social)
This includes Bitcoin, Ethereum, Ripple, Tether, Bitcoin Cash, Bitcoin SV, Litecoin, Binance Coin, EOS, and Tezos.
7. Cryptocurrency exchanges around the globe have exceeded 300 as of 2020.
Exchanges serve as middlemen between buyers and sellers of cryptocurrencies. According to cryptocurrency facts , their services support fiat-for-cryptocurrency transactions and crypto-to-crypto transactions.
8. The number of Bitcoin ATMs around the world stands at 7,722.
(Source: Statista)
Bitcoin ATMs are on the rise due to the ease they provide to users looking to buy, sell, or exchange Bitcoin. The United States is home to the highest number of Bitcoin ATMs (5780 locations or sites) , followed by Canada (775 sites) , and the UK (292 sites). Countries like Nigeria, New Zealand, Mongolia, India, and a few others have just one Bitcoin ATM each, according to cryptocurrency stats for 2020 .
9. 1,799 tokens have made sales since mid-2016.
Token sales, also known as ICO is known to have started in 2013 with MasterCoin. Also, Ethereum was able to raise a large sum of Bitcoin (up to 3,700 Bitcoins worth 2.3 million USD) from an ICO in 2014 . However, statistics on cryptocurrency growth tell us that the business of ICOs did not really kick off until 2016 when various other token sales raised billions of dollars.
10. 1,800 new Bitcoins are added to the market daily.
(Source: Buy Bitcoin Worldwide)
This number could even experience a decline due to the recent Bitcoin halving. It resulted in a reduction of the Bitcoin rewards for each verified block by half.
11. Ethereum had its highest run in value when it hit $1,417 per Ether in January 2018.
(Source: CNBC)
In 2017, Ethereum grew by more than 13,000 of its initial value , amassing a staggering 1.2 million transactions . Currently, Ethereum has settled around $200 per unit.
12. Over 18.3 million Bitcoins have been mined and are in existence as of Q1 2020.
That leaves about 2.7 million Bitcoins left to be mined, as the total Bitcoin cap is just 21 million. However, from calculations drawn from crypto stats , it will take over a hundred years before the last Bitcoin is mined.
13. The new alt-coin "Libra coin" from Facebook is expected to validate up to 1,000 transactions every second.
(Source: Coin Telegraph)
Bitcoin , which happens to be the darling of all cryptocurrencies, only processes about 12 transactions per second (though it was designed to handle just seven). In contrast, the new Libra coin could process up to a thousand transactions per second. This means that transactions using the Libra coin will be processed way faster than those of Bitcoin. This may prove to become a turning point for the world of cryptocurrency.
14. The first Bitcoin real-life purchase was for two pizzas, and it cost 10,000 BTC.
(Source: Investopedia)
According to cryptocurrency usage statistics , this happened on May 22, 2010 , between two Bitcoin forum members. Judging by the current price, this amount of Bitcoin is equivalent to over 90 million USD.
15. Bitcoin alone accounts for $6 billion of daily online transactions.
(Source: News Logical)
It is surpassed only by two of America's top payment networks - Visa Card ($30.3 billion) and MasterCard ($16.2 billion).
16. There are 5,098 alternative cryptocurrencies in existence today aside from Bitcoin.
(Source: News.Bitcoin)
Bitcoin paved the way for cryptocurrency, and now thousands of other cryptocurrencies have flooded the marketplace. Cryptos like Ethereum have their unique blockchain, and others like Libra were created to exploit the flaws the Bitcoin had (such as the low number of transactions that can be carried out per second).
According to cryptocurrency user statistics , new users are being added to the cryptocurrency network each day. Also, the number of cryptocurrency transactions that take place daily is on the rise. We have taken the time to fish out some of the top cryptocurrency users statistics for 2020 . Let's have a look at them:
17. As of Q4 2019, global Blockchain wallet users stood at 44.69 million.
As of the fourth quarter of 2019, there were already more than 40 million users. This is a significant increase when compared to the 10.98 million recorded in the last quarter of 2016.
18. 77% of the global finance sector could adopt blockchain technology by 2020.
(Source: Your Tech Diet)
According to cryptocurrency statistics , the finance sector has been one of the primary beneficiaries and investors in the blockchain . This draws from the fact that the blockchain technology bears many features that will transform the finance sector for the better. They include improved security, increased transaction speed, transparency, efficient auditing, and low cost of operation. Moreover, blockchain technology can reduce 30% of banks' infrastructure costs .

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19. 75% of the IoT industry could adopt blockchain technology by the end of 2020.
The combination of blockchain technology and the IoT in recent times is tagged as revolutionary by experts. Just being able to transfer multiple information from any location and having the blockchain verifying the legitimacy of such information is mind-blowing. According to cryptocurrency facts , the marriage of blockchain and the IoT can bring about accelerated data exchange, improved security of files, low cost of operation, and improved accuracy.
20. Adopting blockchain technology can save financial organizations up to $12 billion yearly.
(Source: Forbes)
Running a financial organization is expensive, mainly because of outdated systems and processes. The financial sector has resisted several attempts for a change. This has resulted in the loss of tons of money to theft, extra charges from third parties, and increased costs of operation. However, with the introduction of blockchain technology, all of that can be reduced to the nearest minimum, if not eliminated completely.
21. Bitcoin is responsible for an average of about 350,000 daily transactions on the blockchain.
(Source: Born2Invest)
According to crypto statistics , in 2017, Bitcoin's day-to-day operations on the blockchain was at an all-time high of 490,644 transactions per day. This figure has since reduced to about 350,000 following a crash in Bitcoin price in 2018. However, the recent coronavirus pandemic has caused a further decline in this figure to about 250,000.
22. Coinbase exchange has over 30 million cryptocurrency users .
Coinbase is one of the biggest cryptocurrency exchanges in the world that allows you to buy, sell, and even store some of the most popular cryptocurrencies in the market. Based in the US, the company was founded in June 2012 and has amassed over $150 billion worth of transactions ever since. In 2017, Coinbase had a user base of just 13.3 million people. However, the current number is more than double.
According to cryptocurrency statistics by country , certain countries have placed strict regulations on incoming, outgoing, and internal cryptocurrency transactions. The purpose is to prevent the use of cryptocurrencies for fraud or for stealing public funds. However, some other countries like Turkey are more lenient and even encourage activities like cryptocurrency mining and trading.
23. 79% of cryptocurrency owners in the UK have invested in Bitcoin.
Bitcoin serves as the base currency for other cryptocurrencies. Cryptocurrency adoption statistics show that it can be used to purchase any other cryptocurrency on exchanges.
24. China is likely to become the first country that will launch a blockchain-powered central bank digital currency (CBDC).
China's very own digital currency could launch by mid-2020 , with the country already boasting of one of the highest online payment traffic. Other countries like Dubai (Emcash), Venezuela (Petrol), Estonia (Estcoin),  (CryptoRuble), Sweden (E-Krona), and Japan (J-coin) could launch their personal cryptocurrency shortly.
25. The US federal government spending on blockchain is predicted to reach $123.5 million by 2022.
(Source: Next Gov)
According to blockchain statistics , this is a significant increase from $10.7 million spent in 2017. The US government and other private organizations have announced imminent plans to embark on a series of blockchain implementations into various parts of the economy and work infrastructure.
26. The US has the highest number of token sales ever (48%).
Following the surge of Bitcoin price in 2017, thousands of new cryptocurrencies were created. ICOs (also known as token sales) were used to raise capital for each new cryptocurrency. Statistics on cryptocurrency volume by country reveal that 48% of all token sales have come from the US , 12.78% from Singapore, and another 10.5% from the UK. In 2017 alone, token sales raised $5.6 billion, most of which were fraud schemes.
27. Turkey is the country with the highest rate of cryptocurrency adoption.
Turkey has a depleting economy and is currently in a trade war with the US. This has massively affected Turkey and the value of its currency in the market. Many in Turkey see cryptocurrency as a way out of the recent economic downfall and are investing heavily in it. Statistics on cryptocurrency adoption rate show that 20% of Turkey's population now has an idea of what cryptocurrency is all about - the highest amongst all countries.
28. Bitcoin miners in China account for 66% of the global hash rate.
The hash rate is a metric that indicates the total computing power required to verify blocks on the Bitcoin blockchain. Although China has strict laws regarding cryptocurrency usage in its country, the luxury of cheap electricity and advanced technology makes it the ideal place for cryptocurrency mining. This explains why the biggest mining companies are situated in China.
In the world of cryptocurrency, time is an essential factor as things can change rapidly due to the high volatility of the market. Check out the stats below to understand how the cryptocurrency market operates.
29. In February 2018, the cryptocurrency market went down by $100 billion within 24 hours.
According to cryptocurrency market statistics , the surge in the price of several cryptocurrencies in 2017 caused governments to place strict regulations on cryptocurrency usage and transactions. This resulted in a panic amongst users causing them to withdraw their investments.
30. The global blockchain market is predicted to rise to $23.3 billion by 2023.
(Source: PR News Wire)
In 2018 , statistics on the cryptocurrency market size revealed that the blockchain market was worth just $1.2 billion. In 2019, that figure rose to $2.2 billion . Its year-on-year growth is expected to keep increasing.
31. The world is predicted to spend up to 15.9 billion in blockchain-related tech by 2023.
Global spending on blockchain-related tech was $1.5 billion in 2018 . It's predicted to grow even further as more industries look to integrate blockchain features into their infrastructure.
32. In 2020, tokens have raised only $20 million in sales.
Compared to the billions generated in ICO sales in 2017 alone, that is a long way down.
What went wrong?
According to reports, most tokens have proven to be a scam over time and not worthy of investment. Cryptocurrency transaction statistics reveal that 80% of ICOs released in 2017 were scams to either defraud people or raise funds for more important cryptocurrency projects.
33. As of May 17, 2020, the cryptocurrency market cap is $265.545 billion.
(Source: Coin Market Cap)
According to cryptocurrency volume statistics , Bitcoin remains the highest shareholder of the cryptocurrency market, followed by Ethereum. However, there are also thousands of other cryptocurrencies that contribute their quota to the growth of thе market.
34. The cryptocurrency market is predicted to grow with a CAGR of 56.4% from 2019 to 2025.
Although not as significant as the CAGR rate recorded in 2017, the price of Bitcoin has increased from $3,816.08 recorded at the end of 2018 to $9,472.73 in Q1 of 2020.
35. Cryptocurrency startups have raised over $20 billion via ICOs since 2017.
Between 2017 and 2018, ICOs raised over $18 billion in sales. When added to the $2 billion raised in 2016 , we already have over $20 billion. Although the ICO trend has reduced drastically between 2019 and 2020, millions of dollars have also been generated as token sales within this time frame.
Mining is an essential process in the world of cryptocurrencies. It uses the blockchain network and is the only way new cryptos are added to the market.
So, how does the cryptocurrency mining process work?
36. Bitcoin mining alone requires about 77.78 TWh of electricity per year.
(Source: Lykke)
Cryptocurrency mining consumes a lot of electricity, and Bitcoin is no exception. Cryptocurrency power consumption stats show that the difficulty involved in mining Bitcoin has increased from less than one trillion in 2017 to 16.10 trillion in 2020. This means that miners will require 16X the energy needed to mine one Bitcoin block in 2017 to mine the same block in 2020.
37. The Bitcoin reward for miners halves for every 210,000 verified blocks added to the blockchain.
When Bitcoin was launched in 2009, the reward for miners was pegged at 50 BTC. Cryptocurrency mining statistics show that the most recent Bitcoin halving took place on May 11, 2020. But before that, there had already been two other bitcoin halvings - one in 2012 (reducing the reward to 25 BTC), and the other in 2016 (reducing the reward to 12.5 BTC). The most recent bitcoin halving slashed this reward to 6.25 BTC.
38. There is a reward of 2 Ether for every verified block that is added to the Ethereum blockchain.
(Source: Consen Sys)
Initially, the reward was 5 Ether for every block mined. However, the Byzantium hard fork in late 2017 adjusted the prize to 3 Ether. This was followed by the Constantinople hard fork in early 2019, which subsequently reduced the reward from 3 to 2 Ether.
39. It takes an average of 10 minutes to verify a Bitcoin transaction.
(Source: Coin Central)
10 minutes is the time it takes to verify every transaction in a block before it is sent to the node and added to the blockchain. This means that every 10 minutes, 6.25 Bitcoins are released and added to the market.
Cryptocurrency has experienced massive growth. However, it also comes with its security challenges. According to cryptocurrency security statistics , there have been hundreds of cybercrimes involving cryptocurrencies, both in the past and in the present. Today, every exchange and every cryptocurrency wallet is a target for cybercriminals .
40. 4.32% of the total Monero cryptocurrency in circulation comes from cryptojacking.
(Source: Coin Desk)
When cryptojacking was fairly new, most of its resources were used to mine Monero. This stems from its relative ease of mining and the ability to carry out untraceable transactions when compared to Bitcoin. If we go by the current value of Monero, then about $64 million worth of Monero have been lost to theft.
41. With the aid of malware, $1.1 billion worth of cryptocurrency was stolen within the first half of 2018.
There are millions of malware in existence, and many of them are sold for as low as $1.04 on the dark web. Cryptocurrency theft statistics show that any of these can be successfully used to hack an unprotected system.