By Harry B - Crypto Speculator - 08-07-2021
With analytics reported by the Cambridge Bitcoin Electricity Usage Index, Bitcoin's annual electricity consumption has dropped by about 60%. The results show a massive drop from Bitcoin's all-time high, which back in May 2021 were showing levels of more than 143 terawatt-hours (TWh). The data reveals that this is the lowest rate recorded of energy use from Bitcoin (BTC) this year. The previous time Bitcoin reached energy use levels this low was last recorded back in November 2020.
To date, the prediction for Bitcoin's annual electricity requirement is 67 TWh. Based on its potential upward movement alongside its current rate of energy, the maximum level of consumption would be 162 TWh, which would show a strong reduction from 520 TWh in mid-May.
Despite the fact that regulators across the world are always quick to criticise the Bitcoin trading and mining network for its mass energy consumption and carbon footprint, data shows that Bitcoin's energy use has recently declined substantially.
The bull run in April that sent the price for buying Bitcoin to a new all-time-high of $64,000, was what fuelled a dramatic energy spike in May amongst Bitcoin miners.
The soar in power consumption triggered significant discussions about the cryptocurrency's potential environmental impact. After Tesla CEO Elon Musk announced the removal of Bitcoin investments as a viable payment option to purchase a car from the company on May 12, Bitcoin saw a large sell-off trend and lower activity.
If you want to learn more about how to Buy Bitcoin or other popular crypto; you can head over to BC Bitcoin and register an account to purchase, swap and Sell cryptocurrency today.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards