In April 2015, a micronation between Croatia and Serbia known as Liberland was born. It was founded by Vít Jedlička, a politician, publicist, activist and president of Liberland. The official currency of Liberland is bitcoin. The government believes that Bitcoin and its underlying concepts of blockchain provide a secure and transparent method for recording electronic, financial, and physical assets.
5. Processing Power
The process of mining bitcoins is expensive; you pay a lot in money, time, and electricity. Mining bitcoins requires servers used for that specific purpose. The faster you process the data, the faster the block can be added to the blockchain, and the faster you’re rewarded with bitcoins.
4. Power Consumption
Ireland consumes approximately 5,000 kilowatt-hours of electricity each year. All the bitcoin mining farms together consume about 60 terawatt-hours of electricity, which is approximately 6 x 1010 kilowatt-hours—a large amount of power. The entire country of Ireland, which is the second-most-populated city in Europe and has 84,421 square kilometers of area, consumes less electricity than all these farms combined.
3. Bitcoin Ban
Although several countries around the world, such as Canada and America, have wholeheartedly accepted Bitcoin, some haven’t. Countries including Bolivia, Iceland, Bangladesh, and Ecuador have completely banned the usage of bitcoins. There are also countries, including India, Thailand, and Iran, that have asked their residents to be careful while using cryptocurrencies but haven’t completely banned it—however, they do not accept it as legal tender.