Cryptocurrency Mining

Bitcoin Mining Worries Bill Gates about Climate Change

According to a recent New York Times interview with Bill Gates, Bitcoin uses more electrical energy per transaction than any other known human endeavour, which is bad for the planet. An estimated 300 kilogrammes of carbon dioxide (CO2) are required for each Bitcoin transaction according to Alex De Varies, a data scientist at the Dutch central bank. This equates to the traces of carbon released by about 750,000 Visa swipes.

Bitcoin-Mining-Worries

Because all cryptocurrencies, including BTC, require transaction documentation to ensure transparency, this is a valid justification. The public has access to this documented data, which is stored in blocks to prevent tampering. The everyday Bitcoin transactions necessitate an increasing amount of storage space and blocks. The data stored in these blocks is referred to as blockchain data. The rigs, or specialised mining machines, are constantly running these codes. In the mining industry, the rigs are the major consumers of electricity. Miners use over 78.5 Terawatt hours of energy each year, which is comparable to the annual consumption of countries like China, Finland, and Austria.

Amazing Statistics about Bitcoin Mining

It takes about 707.6 kilowatt-hours of electricity to mine and transact just one Bitcoin, which is almost the same amount of electricity as a single American home uses in a year.

The majority of crypto mining types may be found in China, where coal is the primary source of energy. Due to a growth in the global demand for digital assets, the Chinese energy consumption factor has increased tenfold since 2017. As a result, China is one of the world’s top CO2 emitters and a driving force behind global climate change.

Mongolia, a Chinese sovereign state, has said that it will shut down all crypto mining operations in the region in the future in order to deal with the country’s impending energy issue. Because of the large number of crypto mining companies in Mongolia, new reports claim that the country fell short of its energy savings goals.

Jeffrey

Jeffrey is a cryptocurrency blogger who writes about the latest developments in blockchain technology. He has been blogging for over 4 years and his posts have been read by people from all around the world. His blog covers a wide range of topics, such as trading advice, new ICOs to invest in, and how blockchains can be used outside of cryptocurrencies. Jeffrey also enjoys writing about more technical aspects of cryptocurrencies and blockchain technology.