New research by the Dutch financial institution ING shows that the exponential expenditure of energy consumption that demands the creation of the most acclaimed cryptocurrency of the moment, bitcoin, could kill its success and is intrinsic to its survival.
The report, made by Teunis Brosens, ING's senior economist, based on data from the digiconomist website, indicates that this energy is around 200 kw an hour. In fact, the developer community must verify that the operations are real, credible and that there is no type of deception. For a proper verification, a large number of computer checks and connections between different computers are needed, according to the Spanish news agency La Vanguardia.
As the demand for bitcoins grows, the creation and verification operations multiply. A few days ago, the president of the International Monetary Fund (IMF), Christine Lagarde, warned that creating bitcoins already consumes as much energy as Argentina. And according to the data handled by the World Economic Forum, the energy needed to create bitcoins grows at an average of 25% per month.
With these projections, the figure that is handled is that in 2020 the creation of bitcoins could require all the energy that is consumed worldwide. Which does not seem a very sustainable situation neither from the ecological point of view, nor financial.
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