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Bitcoin and the broader cryptocurrency market have had a terrible end a a trial year, with the the price of bitcoin drops by almost 50% from the beginning of November and unleashing a wave of obituaries for the bitcoin and crypted sectors in difficulty.
The current bitcoin bear & nbsp;market, labeled & nbsp; winter crypto for its debilitating effect on the broader market and industry, has seen over $ 700 billion canceled from the total value of all cryptocurrencies so far this year, about 80% of its value from its all-time high .
However, Bitcoin has seen drops in similar price percentages before and managed to recover from them. Now, researchers at the Judge Business School at Cambridge University have discovered that the bitcoin industry will make it "probable" to bounce back.
The price of bitcoin has been on a downward trend for the whole year, with the sales pace of sales in recent weeks.Getty
"Statements proclaiming the death of the crypt-asset industry were made after each global ecosystem bubble," the researchers wrote & nbsp; In the second Global benchmarking study of Cryptoasset. "While it is true that the 2017 bubble was the biggest in Bitcoin's history, the market capitalization of both bitcoin and crypto-asset ecosystems still exceeds levels in January 2017, before the bubble began.
"Speculation on the death of the market and the ecosystem has been enormously exaggerated, and it therefore seems likely that future plans to expand industry participants will, at most, be delayed."
While the bitcoin industry still has many supporters despite the price collapse, others were quick in the bitcoin brand as dead, something that happened more than 300 times according to the freely updated tracking website 99bitcoins.
Elsewhere, bitcoin bulls, such former member of Goldman Sachs and founder of the criptovalute commercial bank Galaxy Digital Holdings Mike Novogratz, that & nbsp;bewildered by the vertiginous highs of late 2017.
The price of bitcoin has risen throughout 2017 before being heavily sold off this year.CoinDesk
The researchers also found that millions of new users have entered the ecosystem in the last 12 months, even though most of them are passive – they buy bitcoins or other cryptocurrencies with newly created portfolios and therefore do not move or use them.
Total user accounts at service providers now exceed 139 million with at least 35 million users with identity verification, the latter growing almost quadrupled in 2017 and doubling again in the first three quarters of 2018, according to the report.
Only 38% of all users can be considered active, even if the definitions and criteria of activity levels vary significantly between service providers.
The researchers found that the 2017 boom and subsequent failure were the second global cryptocurrency bubble.Judge Business School of the University of Cambridge
Meanwhile, the study found that the six major cryptocurrencies (including bitcoin and ethereum) of work testing consume collectively between 52 TWh and 111 TWh of electricity per year: the average budget point (82 TWh) is The equivalent of the total energy consumed by the entire country of Belgium – but it also accounts for less than 0.01% of global world energy production in the year.
A "remarkable" The share of energy consumed by these facilities is provided by renewable energy sources in regions with excess capacity, the researchers revealed.
The report also found that the extraction of cryptocurrencies seems to be geographically less concentrated, in terms of hashing power and in terms of producer options, than you think.
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Bitcoin and the wider cryptocurrency market had a terrible end for a difficult year, with the price of bitcoin lowering by almost 50% from the beginning of November and triggering a wave of obituaries for the bitcoin and cryptic sector in difficulty.
The current bitcoin market, labeled as cryptic winter due to its debilitating effect on the market and on industry in general, has seen over $ 700 billion canceled from the total value of all cryptocurrencies this year , about 80% of its value from its historical high.
However, Bitcoin has seen drops in similar price percentages before and managed to recover from them. Now, researchers at the Judge Business School at Cambridge University have discovered that the bitcoin industry "probably" will rebound again.
The price of bitcoin has been on a downward trend for the whole year, with the sales pace of sales in recent weeks.Getty
"The declarations proclaiming the death of the cryptocurrency industry were made after each global ecosystem bubble," the researchers wrote in the second Cryptoasset Global Benchmarking study. "Although it is true that the 2017 bubble was the biggest in Bitcoin's history, the market capitalization of bitcoin and the crypto-asset ecosystem still exceeds the levels of January 2017, before the start of the bubble.
"The speculation about the death of the market and the ecosystem has been enormously exaggerated, and therefore it seems probable that the future plans of expansion of the participants in the sector will, at most, be delayed".
While the bitcoin industry still has many supporters despite the price collapse, others have been ready to give the bitcoin brand as dead, something that happened over 300 times according to the 99bitcoin of the freely updated monitoring website.
Elsewhere, bitcoin bulls, such former member of Goldman Sachs and founder of the cryptocurrency bank Galaxy Digital Holdings Mike Novogratz, bewildered by the vertiginous highs of late 2017.
The price of bitcoin has risen throughout 2017 before being heavily sold off this year.CoinDesk
The researchers also found that millions of new users have entered the ecosystem in the last 12 months, even though most of them are passive – they buy bitcoins or other cryptocurrencies with newly created portfolios and therefore do not move or use them.
Total user accounts at service providers now exceed 139 million with at least 35 million users with identity verification, the latter growing almost quadrupled in 2017 and doubling again in the first three quarters of 2018, according to the report.
Only 38% of all users can be considered active, even if the definitions and criteria of activity levels vary significantly between service providers.
The researchers found that the 2017 boom and subsequent failure were the second global cryptocurrency bubble.Judge Business School of the University of Cambridge
Meanwhile, the study found that the six major cryptocurrencies (including bitcoin and ethereum) of work testing consume collectively between 52 TWh and 111 TWh of electricity per year: the average budget point (82 TWh) is The equivalent of the total energy consumed by the entire country of Belgium – but it also accounts for less than 0.01% of global world energy production in the year.
A "substantial" share of the energy consumed by these facilities is provided by renewable energy sources in regions with excess capacity, the researchers revealed.
The report also found that the extraction of cryptocurrencies seems to be geographically less concentrated, in terms of hashing power and in terms of producer options, than you think.
