Crypto mining is outlawed in several nations for various reasons. The recent operation conducted by Kyrgyzstan officials reminded people not to take everything for granted. Although 2000 mining units are insignificant in the crypto world, it sent out a loud message. Crypto mining is putting a strain on global energy resources. Based on a recent study, 5% of the entire world’s energy is used to mine Bitcoin alone, which surpasses the energy consumption of the entire nation of Egypt.
Bitcoin price is barely reacting to this news, as the crypto fanatics seem to be more interested in the likes of Elon Musk and company, rather than a comprehensive analysis report.
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However, the volatile nature of Bitcoin is not to be brushed over. Bitcoin is hovering around the $36,000 level for the time being, while it has not made full recovery yet, it sure can be a lot worse. Investors are still speculating, as some already “bought the dip”, others wonder if this is the bottom of crypto’s recession. As for now, the crypto market seems to be stable. Just remember to only invest what you are willing to lose.
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