Bitcoin’s growing popularity is taking the world by storm and having a ripple effect on various sectors. Its price rallying to record highs of $42,000 in recent weeks has been the center of attention. The rate at which Bitcoin’s user base is growing is also taking the world by storm, threatening to have a ripple effect in the mainstream sector.
Bitcoin Growing Users
Bitcoin’s user base is growing faster than the internet and is projected to have over 1 billion users by 2025. Increased usage has coincided with an uptick in the crypto value, having become one of the largest assets by market capitalization.
The internet, a vast global network connecting millions of computers and people, is one of the biggest innovations of the 20th century. However, it had a shaky start and took about three decades to have about 120 million users.
While the internet took four decades to hit the 1 billion mark on users, Bitcoin promises to take less time given its growing popularity and use case. In less than two decades, Bitcoin is poised to hit the 1 billion mark on use.
Ukraine Bitcoin plans
Growing Bitcoin’s popularity is the driving force behind exciting projects and use cases worldwide. Immediate reports indicate that Ukraine’s Ministry of Energy is considering building a bitcoin mining center in the country.
The Bitcoin mining center is to utilize nuclear power, which is in abundance in the country. Ministry officials have already held discussions with deputy energy minister Yevhen Vladimirov and the state-owned nuclear energy company Energoatom about the possibility of moving forward with the project.
According to the minister, the Bitcoin mining center will help put to good use the country’s vast nuclear power as well as enhance Energoatom profits. The mining center should also help bolster the government’s tax kitty.
While it is not clear how big the mining center will be, the initial indication is that it could be between 250 and 500 megawatts. Currently, the biggest bitcoin mining machines are in China, leveraging about 3 Gigawatts of hydropower electricity.
Chinese Bitcoin Mining
Bitcoin mining spree is heating up as companies and governments look to take advantage of the record high prices. Chinese operator 500.com is the latest to affirm it means business when it comes to bitcoin mining. The company has reached an agreement to purchase 5,900 bitcoin mining machines for about $8.5 million.
The bitcoin mining machine will reach the company in the second quarter. Likewise, the company has reached an agreement for the purchase of an additional 5,000 bitcoin mining equipment. The acquisition is part of the company’s bid to ramp up mining operations as it looks to begin generating revenues in the first half of the year.
Separately, Canadian investment firm Accelerate Financial technologies are moving forward with plans to list a Bitcoin ETF on the Toronto Stock exchange. The company has already filed and received a receipt for a preliminary prospectus with the Canadian securities regulators. The proposed Bitcoin ETF will offer units denominated in both United States and Canadian dollars.