The price of bitcoin reached an all-time high. A coin was valued at more than 62,000 PKR. According to foreign media, the price of bitcoin has gone up by 40% compared to the previous month. The Bitcoin last reached a record high of 60,000 PKR in April. Experts say 2021 is the most important year in the history of bitcoin.
|Bitcoin Rate||10,391,840 Pakistani Rupees|
The value of bitcoin has reached record levels and El Salvador has legalized digital currency. The currency fell sharply in May after a crackdown in China and Elon Musk’s decision not to accept it as further payment.
From January to August, the value of the bitcoin increased by 81%. In January 2021, bitcoin was trading at only 27,000. It should be noted that compared to any real currency, bitcoins or other cryptocurrencies are free from any kind of regulation or government control and are very easy to use. At present, it is being used in many countries such as Canada, China, and the United States. However, anyone with access to the Internet in the world can buy this currency.
To transact this currency, the user must have a Bitcoin Vault account which can be created by downloading the Bitcoin Vault application. It is worth mentioning here that a study conducted by an American university this year found that mining bitcoin consumes 121.36 terawatts of electricity annually.
According to research from Cambridge University in the United States, this power consumption cannot be reduced unless the value of the bit is significantly reduced. The annual consumption of 121.36 terawatts of electricity on bitcoin mining is more than the total consumption of Pakistan, the total annual consumption of Pakistan is 90 TWh.