Crypto Trade Banned as new Investors Grow 

The price of BTC crossed $9000, and several new investors are trying to find ways to start trading in the digital currency. A first-time customer must fill out a form to get the Bitcoin wallet, and then they have to use the traditional method of payments to buy the coins through exchanges, which are transferred to the wallets.

 BTC's hash rate increased to an all-time high on July 7 (as per the latest data released by Blockchain.com).

The previous record of the Bitcoin hash rate was 65.19 TH/S but then increased consistently. It means the utilization of resources on such trades increased significantly on the day and increased the demand for resources needed to handle 51% of attacks to keep the network safe.

Several countries introduced new regulations to restrict crypto trades as it is highly risky, while experts predict the price of digital currency may grow in the year. The authorities banned its trade in Iran and confirmed that its transactions were indisputably illegal.

The authorities warned investors from buying due to its volatile nature and the high legal risks. There have been several reports of money laundering in such trades.

Crypto trade is harmful to the environment.

Coin miners favour Iran due to the low-cost availability of electricity. The trade requires a huge amount of electricity used by the miners for running computers to maintain the network and validate payments.

The studies by the online index - the Cambridge Bitcoin Electricity Consumption Index, estimate the energy needed to maintain the network in real-time is more than the total consumed by Switzerland.

Another study by researchers at the Technical University of Munich and the Massachusetts Institute of Technology found the power consumed by the machines to generate the coins and the transaction process resulted in carbon emissions equivalent to the carbon emitted by a city like Las Vegas or Hamburg.

It makes up a tiny fraction of global payments but has still been widely accepted by major retailers. Acquiring such facilities requires a lot of computing; most are in Asia.

In Iran, two major factories were abandoned when more than 1000 miners worked. It has been found that electricity consumption increased by 7 per cent in the country, and such low-cost electricity supplies attracted Chinese miners to take advantage.

Bitcoin gains during holidays

The price of Bitcoin increased in the last week, and the researcher stated factors like a holiday drove the price. The rate was high from November to December 2017, when it increased from $6,030.53 to $19,205.93, and in various trade charts, a brief recovery in price could be observed mostly around the days after Christmas or New Year.

A 2019 report by Delphi Digital states that theoretical retail investment is still the main driver for price growth in the current year. The rise in February 2019 was observed around the Spring Festival in China when the rate gained from $3,419.17 to $3,908.97.