The mining operations of Bitcoin increases, resulting in power outages

The activities of miners of Bitcoin have increased sharply in recent months, which has led to a massive increase in their energy consumption. This development increased the activities of mining of crypto-currencies has led to power outages in some countries. Moreover, even the miners of Bitcoin are increasingly concerned about their energy consumption. As in Venezuela, which is currently facing not a financial crisis, citizens turn to the mining of Bitcoin in order to earn enough money to stay alive and feed their families.

Cointelegraph

The mining of crypto-currency, it consumes a lot of energy

According to an analysis of Digiconomist, the energy consumption of the mining operations of crypto-currencies is similar to the energy consumption of countries such as Oman, Morocco, Serbia and Denmark. For example, the energy required for the mining of Bitcoins could provide 48.4% of the energy needs of the Czech Republic, 24.4% of the netherlands, 0.8% of the United States, 5.7% in Germany and 9.8% of the Great Britain. Then, for countries that use mainly coal-fired power plants as a source of energy, the high consumption of the process of mining of Bitcoin translates to a carbon footprint high. This is damaging to the environment.

Cryptocompare

Solutions exist

According to the ecologist Eric Holthaus, the electricity demand for the mining of crypto-currencies will exceed eventually the available supply. He said that by February 2020, the electricity consumption of the mining of Bitcoin will be similar to the present world consumption. However, there are several possible solutions to resolve this problem of high power consumption. Among these solutions include the adoption of a mechanism of proof of participation, the production technologies that are more energy efficient, and the adoption of the network Ligtning.

Source : Cointelegraph