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Bitcoin’s Energy Consumption: The Shocking Facts
Did you know that whatever form of currency you use, consumes energy? Did
you also know that if Bitcoin could have been a country, it could have been
ranked Number 31 in the world as far as energy consumption is concerned? It
beats over 160 countries. Nevertheless, how can an invisible digital coin use
such kind of energy? In this article, we will be unraveling that mystery. Another
Amazing fact is that the amount of energy this wonder coin spends; can be used
to run the University of Cambridge for the next 700 years! Now let us go
through the wonders.
No wonder virtual crypto keeps every power plant busy throughout the globe.
Everything digital nowadays uses some form of energy however for Bitcoin, oh
no it is unbelievable. To amaze you more, in a year, Bitcoin requires more
energy than the Netherlands whose population is more than 17 Million; this is
according to a study by Cambridge University. To get more on Crypto or Forex
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Here are some Key Takeaways
A Skyrocketed Bitcoin value, increases more energy consumption
Bitcoin uses more power or energy than some notable countries yearly It uses approximately 121Twh (Terawatt hours) yearly.
Imagine it consumes approximately half of the energy consumed by all
global data centers.
453,000 transactions of Visa equal to only one Bitcoin Transaction.
Now to the Nitty Gritty of the whole process
As more Bitcoins are mined each day, energy consumption increases. The more
the value of Bitcoin the more the energy consumed. The coin uses a ledger
otherwise known as Blockchain to keep records of all transactions, to thwart
cyber-attacks, and keep everything safe. The good thing, as long as one has a
powerful computer or laptop with an inbuilt cooling system they can join the
network. The systems solve difficult and huge mathematical calculations,
therefore; there is a possibility of overheating.
The Miners are compensated with a coin per each successful calculation.
Therefore, to earn more, they need more energy to keep on solving the
calculations. An upward price projection prompts more investment in the
technology thus using more power. In other words, it incentivizes the miners
into adding more systems to the network. Every transaction is done calls for
more energy input. The more the miners use the network the slower it becomes,therefore taking more time to complete a transaction. All this needs more power
usage.
China is the leading nation when it comes to Bitcoin mining. It takes almost
70% of the total BTH Mining. The US comes number two with a meager 7%,
according to research by Cambridge University. However, the excess of power
in China during winter and summer lowers the cost of Bitcoin Mining.
However, this has been a challenge to many developing countries where the
national power grid is not sufficient. Iran is an example; the government
officials blamed the frequent power outages on Bitcoin transactions. With this
in mind, many miners have opted for cheaper sources of energy i.e.
Hydropower, or renewable energy.
I foresee the reinvention of Bitcoin Mining, to start using techniques that are
fewer power consumers. Some coins use other means to mine their coins;
therefore, I see a future bending in that direction. With global warming
becoming a threat, diversification of power will be a priority.
Solutions to the High Energy Consumption
Of course, Bitcoin Mining consumes a lot of Energy globally. It is also true that
it contributes to global warming. However, since it remains the most trusted,
valued, and globally accepted cryptocurrency, finding solutions is much better
than blanket condemnation. Below are some possible solutions.
Looking for sustainable or eco-friendly Bitcoin mining alternatives.
Concentrating on maximizing the use of alternative energy sources such
as solar, wind, and others. Targeting cooler regions for the mining. In
Iceland, the systems can work much better due to the frozen temperatures.
Using low energy consuming Algorithms such as PoA (Proof of
Authority), instead of Proof of Work (PoW). Finally, using the latest or newer less energy using hardware such as
CPUs, and GPUs.
These and many more are some ways the high Energy consumption in coin
mining can be minimized.
With high energy, consumption or not Bitcoin remains the most profitable
cryptocurrency venture globally. For more updates, and analysis visit
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