Amid volatility in the market, cryptocurrencies continue to fall in trade. Today, on September 27, at 6.09 pm UTC, Bitcoin fell by 1.95% intra day, and was quoted at US$ 18,982.60USD. Yesterday, Bitcoin closed at US$ 19,241.50. Additionally, the largest cryptocurrency is now struggling to go green. Research by Cambridge university revealed, "The cryptocurrency making only slim gains in its usage of sustainable energy in the year to January," Reuters reported.
"Processing bitcoin transactions and "mining" new tokens is done by powerful computers, hooked up to a global network, that compete against others to solve complex mathematical puzzles. The process guzzles electricity, with its heavy reliance on polluting fossil fuels such as coal drawing criticism from policy-makers, investors and environmentalists who worry over its impact on global warming," Reuters added.
Fossil fuels made up some 62% of bitcoin's energy mix in January 2022, versus 65% a year earlier, the Cambridge Bitcoin Electricity Consumption Index (CBECI) showed. Significantly, as the level of coal fell to 37% from 47%, bitcoin became more reliant on gas.
Meanwhile, other major cryptocurrencies are following the same trend. Ethereum was quoted at US$ 1,314.74, down by 1.63%. Yesterday, Ethereum closed at US$ 1,336.56. Litecoin was quoted at US$ 52.11, down by 2.51%, Dogecoin was quoted at US$ 0.0601 down by 1.52%, and Cardano was quoted at US$ 0.4399 down 1.42% today, till last traded.
Bitcoin, the largest cryptocurrency, in the last 5 days fell by 2.14%. In the past 1 month, it has dropped by 5.32%. Additionally, in the last 6 months, Bitcoin plunged by 59.50%.
In the meantime, S&P 500 was down by 0.67%, stood at 3,630.51, and Nasdaq Composite was down by 0.32%, stood at 10,768.20, at the time of writing today. The US Dollar index gained to 114.33 today up by 0.20%.