The energy consumption of Bitcoin is very important

A new study shows that the energy required for the mining of Bitcoin this year has exceeded the average of the electricity consumed each year by 159 countries. The high consumption of electricity in the mining of crypto-currency poses a problem that must be solved.

The rise of the energy consumption of the Bitcoin

The value of the Bitcoin has exploded over the past two weeks. It is a good thing for investors. However, it seems that the price of this digital currency is not the only thing to skyrocket in 2017. The energy consumption of the mining of the Bitcoin has also reached new heights.

According to a study conducted by PowerCompare, a service of price comparison of energy based in the United Kingdom, the average consumption of electricity to operate the Bitcoin this year has exceeded the annual consumption in 159 countries. More specifically, the electricity world average spent for the extraction of Bitcoin has largely exceeded the consumption of Ireland and other african countries.

This study is based on data provided by Digiconomist, including the estimate of the electricity consumption is approximately 30,14 TWh per year. This is well above the consumption of electricity annual average of 25 TWh of Ireland. According to a recent article by the Dutch bank ING, a single transaction of this crypto-currency, it consumes enough energy to power an average household for a whole month.

The mining of crypto-currencies, a practice that is too energy-intensive

What are the computational requirements needed to deal with the problems of cryptography that consume so much energy. The Bitcoin and other crypto-currencies rely on the minors to manage the transactions carried out in their Blockchain respective.

If the mining of the Bitcoin is unknown, here’s a detailed explanation :

To verify these transactions, the children must solve math problems that become increasingly complex. The more miners, the more the problems of cryptography are hard. The multitude of minor now requires the use of graphics cards much more powerful, requiring large amounts of energy.

Source : Futurism

  • Charles young

    Apparently, there’s a canadian mining company involved in harnessing geothermal power from a volcano in order to power the mining of bitcoins! Does anyone, maybe Tiana, know its name?