How climate change could influence the Bitcoin market: Predicting the price amid global shifts

guardian.ng:

As the effects of climate change intensify, the relationship between global environmental shifts and Bitcoin’s future becomes more important to study.

Market volatility is nothing new to Bitcoin, but the growing effect of climate change presents a new set of challenges for traders and investors.

The more often extreme weather events and energy shortages occur, the less people can ignore their impact on the overall global economy and, by proxy, Bitcoin. As the factors tangle with traditional market forces, predicting the Bitcoin price has become even harder.

Those exploring this unpredictable market are looking for insights into these changing market dynamics. Some platforms with insights into the dynamics are now offering their analyses, such as those for predicting the Bitcoin price.

The mining of Bitcoin, core to its existence as a decentralised currency, is incredibly energy-intensive.

Bitcoin mining is a decentralised system where the transactions are validated by miners solving a complex and computer-intense math problem. This process eats up an unparalleled amount of electricity. This energy comes from fossil fuels, and it’s exactly why this cryptocurrency has such a huge carbon footprint.

With the global push to cut carbon emissions in response to climate change, Bitcoin mining could be spotlighted. Some governments and environmental organisations are pushing for more sustainable energy practices, including as it relates to Bitcoin.

Bitcoin mining could get more expensive under stricter environmental regulations like carbon taxes or limiting energy consumption, and the market is likely to suffer.

Countries are getting on the path of the development of global climate policies. As agreed by international accords, such as