Posted 7 months ago | by Ben Armstrong
Cambridge University Study States There are Now 100 Million+ Crypto Users Globally
Cambridge University has released the third edition of its research project called the “Global Cryptocurrency Benchmarking Study,” which has been published annually since 2017.
This 71-page publication was conducted by Cambridge and Center for Alternative Finance school, collecting opinions from hundreds of major crypto interests.
According to the study, the crypto industry is growing, but there are a few signs of a plateu. Statistics point out that the growth rate of employment in the crypto ecosystem decreased from 57% in 2018 to 21% in 2019, especially in the mining sector.
Crypto is Changing – According to Cambridge University
The areas where crypto businesses are located makes a big difference. Young businesses show more positive results in profit and workforce, mainly focused in the Asia-Pacific region.
On the other hand, a slower increase in employment doesn’t imply a halt in the industry. In fact, the report remarked on growth in the mining sector, which keeps expanding steadily. Bitcoin, Ethereum, Bitcoin Cash are named among the most popular choices for miners.
While data proves that utilities are the major cost for miners, which is around 80% of total mining expenditures, one interesting fact is that clean and renewable energies have been adopted either fully or partially in mining activities.
A Greener Industry
This finding beats up many critics accusing crypto mining as one factor that raises the consumption of traditional fuels like coal or gas, which create more emission and worsen the environmental issues.
The study also gathered facts about digital assets and descriptions of crypto user profiles. In particular, the number of unique crypto users around the world has tripled from 35 million in 2018 to 101 million in 2019.
Bitcoin is still on the top of the list with 90% of the user support, followed by Ethereum, Litecoin, Bitcoin Cash and Ripple. Stablecoins, like Tether, are highlighted in another popularly upward trend.
More Research is Coming
Many nations are creating a legal framework to bring crypto in-line with existing regulations. The number of service providers, including wallets, exchanges, and payment processing services which are complying with regulations is rising.
The study predicts that new laws along with the rise of new digital asset models such as decentralized finance (DeFi) will lead to enormous changes in the current crypto industry.
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