Energy Consumption For Bitcoin Mining Becomes Hot Debate About Blockchain

Launched in 2009 by the unidentified Satoshi Nakamoto, Bitcoin became the first cryptocurrency to begin scaling.

It has since gained notoriety for its high-security blockchain technology, which provides an open source alternative to the US dollar, which is corporate or government-backed currencies.

Read On / Binance Bitcoin Tops Interest Rates Despite Legal Checks

The digital currency continued to operate on a higher horizon than ever before. As a result, early investors and miners who followed early cryptocurrency trends and protected their assets have won big prizes many times.

Bitcoin faces problems exceeding $ 35k mark / source: BTCUSD on TradingView
But here the focus will be on why a decentralized currency is being attacked, or discussing its impact on the environment.

Problems with energy consumption have become the latest hot spot for cryptocurrencies. While many critics have seized on the currency as an energy-consuming leviathan, friendly supporters refuse to blame, instead calling for less intensive energy consumption from current world energy consumers.

Here we examine the opposing viewpoints closely.

Arguments On Energy Consumption For Bitcoin Mining
Analysts at Cambridge University would share the same view, as the BBC recently reported that Bitcoin consumes more electricity a year than the entire South American country, Argentina.

As for “mining,” analysts argue, it requires massive energy expenditure, requiring heavy computer calculations to control operations.

Reading / Thai Partner Withdraws Bithumb Subsidiaries In Hong Kong To Civil Lawsuits

The researchers ‘ report says it consumes about 121.36 terawatt hours (Twh) a year and is unlikely to fall if the value of its currency does not fall as well.

Another report also shows that Bitcoin consumes more energy than American Airlines, with 1.2 million of every $ 1 billion in inflows

Join the Discussion

  • BrokerEUR/USD
    IG 0.6pips (fixed) margin: 3.33%
    FX Pro 0.91pips. (variable) margin: 3.33%
  • Back to top