Bitcoin Mining is Gobbling Up the World's Power

in cryptocurrency •  7 years ago 

The Bitcoin industry presently needs mining to survive. In order to harness the virtual currency, power must be consumed. While there are already a plethora of mining operations throughout the world, more are likely to appear in the next few years as cryptocurrencies like Bitcoin become more widely accepted.

We're talking a lot of power here. Power Compare, a UK-based company, said the rise in the Bitcoin price is tied to the rise in the power supply, to the tune of 31 terawatt-hours annually. According to a report, that translates to $9.7 billion a year.


Source:bitcoin.com

Mining for bitcoin now constitutes 0.13 percent of the worldwide energy consumption, ranking it the world’s 61st highest power consumer. That's more than most African countries.


Source: Forbes.com

This has to cease at some point and really is a waste of power. There must be a better solution that benefits Bitcoin and the larger cryptocurrency community!

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Before passing judgement on a system designed to protect data, I would like to offer a few industrial benchmarks to ponder:

  1. Military Industrial Complex
  2. Government Waste
  3. Google & Facebook Data Centers
  4. NSA power use
  5. Disposable batteries

This is a technology in infancy. Before throwing out the baby with the bathwater, perhaps putting a frame of reference to accompany the numbers is needed.

Very fair points. Thank you for your comment.

  ·  7 years ago Reveal Comment

Interesting! Thank You! ... Just check my profile :-))