What will happen to the price of Bitcoin if only solar energy used?

[iamsheikhadil]

We all know Bitcoin is mined and that costs electricity.

So if the cost of electricity increased, will crypto prices sky rocket?

What if all electric energy is extracted only from renewable energy like solar energy which costs less, will crypto price fall down?

If that's so, then electricity department has huge power and can easily manage and manipulate the price of crypto.

What do you think?!

[schturman]

The cost of electricity is clearly included in the cost of cryptocurrency mining, including bitcoin. Mining is most advantageous in countries with cheap electricity and the attached file clearly demonstrates this fact.

[iamsheikhadil]

I was wondering that Bitcoin has value because mining has a value because of electric charges and other maintenance charge however what if government bans non-renewable sources of electricity and only allows renewable sources of energy like solar energy that can be used for daily purposes and for mining bitcoins do you think Bitcoin price will plummet because solar energy is very cheap as compared to energy  prodused by thermal power plants or by using water power. And if that happens do you think that government will have huge power to manipulate the price of bitcoins by controlling the price of electricity?

[Vusal]

Let's say we used solar energy. True, this will affect the cost of bitcoin. But it will not be a big amount. Indeed, if there is an increase in bitcoin, solar energy will not stop its price. Analysts predict that cryptocurrencies will grow. And when, it’s already in question.

[JuzLegend]

Well, bitcoin's energy appetite is fused into its foundations. Since there is no central bank or authority governing the currency, the bitcoin network regulates itself through a distributed accounting system known as blockchain. In blockchain, every bitcoin transaction is tracked in a public ledger spread across thousands of computers. These transactions are grouped into blocks. However, it’s tedious to reconcile and verify every single instance of digital currency changing hands, and verifying a block requires finding a cryptographic key, an increasingly difficult computing problem. So if you are asking me if only solar energy is used for it, i doubt the price will even go up, as it only grows when the cost of energy grows.

[Ufra]

Every country has different electricity costs, some countries using solar system or wind energy from avoiding expensive energy. I think that the topic member from there where the electricity costs high so it is recommended to use solar mining for this.

[Magdsolieman]

In my personal opinion, the use of solar energy will reduce the burden of electricity taken from public networks and thus will encourage many to do mining and encryption, but if new currencies are not pumped from bitcoin into the crypto market, the benefit will be low from solar energy and useless