Cryptocurrencies are whole the trend nowadays, prominently Bitcoin. Nevertheless, it might come to be a severe concern in the world by 2020. Mining Bitcoin or any cryptocurrency uses massive quantities of energy, such as a transaction meriting a single Bitcoin uses the equivalent value of power utilized by a house in a whole month.
Recently, it is reported that the method of creating a Bitcoin or you can say Bitcoin mining, at present, needs 33TWh of energy per annum that is equivalent to Denmark’s energy demands.
On the word of ING Economist Teunis Brosens:
Only one Bitcoin transaction utilizes 200-kilowatt hours. This number requires some setting. 200 kWh is entire to go up 200 wash cycles. In particular, it’s adequate to my complete home beyond four weeks, that uses about 45 kWh by each week getting €39 of electricity.
