The boom of Bitcoin has forced the mining sector to try to keep pace, because the energy and effort invested in the mining of a single token they bring in more profit. To be one step ahead, the miners of Bitcoin are trying to reduce their energy consumption.
The crypto-currencies consume a lot of energy
The industry of the mining of Bitcoin consumes 22,5 TWh of energy per year, which is the equivalent of 13 239 916 barrels of oil. With 12.5 Bitcoins extracts every 10 minutes, this means that the energy cost using a Bitcoin is equivalent to 20 Barrels of oil. Thus, it seems that it takes a large amount of oil for the mining of crypto-currency. However, although this is a very lucrative business, it leads to serious environmental implications. Therefore, if this inflation of crypto-currencies continues, it is legitimate to expect actions to try to reduce energy costs. To put this in perspective, the total energy consumption of the activities of mining of the Bitcoin in the world is 40 times greater than that required to power the entire network of bank cards Visa.
The key to success it is the cheap electricity
Thus, it is not surprising to note that the countries that are considered to be superpowers in the field of mining of Bitcoin are those who offer an electrical energy cheap. China has long been a hub for mining of Bitcoin. In fact, China is one of the countries where the electricity is not very expensive. Today, because of the decline of crypto-currency in China, it is Russia who is emerging as a superpower in this area.
Here is a video presentation of the process of mining of crypto-currencies.
The future of the mining of crypto-currencies seems to be much more ecological, efficient and economic. Many companies of mine are turning to countries such as Iceland and Kazakhstan, where temperatures are low and where it is not necessary to spend money to cool off.
Source : Cointelegraph