More electricity consumed by Bitcoin miners than in 159 countries

With Bitcoin, Cryptocurrencies have become very popular since the beginning of 2017, both in terms of awareness, prevalence and value increase.. Bitcoin price climbs above the $9,700 level and is making the $10,000 run. However, Cryptocurrency and Bitcoin mining continue to spread.. According to Haberturk’s research: Since the beginning of the year, the electrical energy used for Bitcoin mining was more than the annual electricity need of 159 countries.

Digiconomist, which keeps the statistics of cryptocurrencies, announced that the amount of energy consumed for Bitcoin mining is 29.05 Kilowatt hours (TWh).

This amount of energy is Ireland, neighboring countries Azerbaijan, Georgia and most of Africa. Its energy consumption is higher than its country’s energy consumption in one year.

Ireland consumes an average of 25 TWh of electricity every year.

The annual electricity requirement of the countries in orange in the table is less than that used for Bitcoin mining.

ENERGY NEED IS INCREASING GREATER

Bitcoin, which was designed in a way that cannot be controlled by any group or organization in 2009, made It uses blockchain technology to record transfers.

Advanced computer systems that require high energy are used by large companies to mine Bitcoin.

Bitcoin’s inventors designed their systems to be a limited number of cryptocurrencies. There can only be 21 million Bitcoins in the world. Mining is getting harder and harder to prolong the life of the system against the ever-increasing mining activities. Digital currency miners are turning to even more powerful computers to perform the difficult transaction and earn Bitcoin in return. With more powerful computers, the energy consumed for both mining and Bitcoin transfers is increasing.

According to a report published by ING Bank, the electricity used for 1 Bitcoin transfer is equal to the average energy need of a house for 1 month.

CONNECTED WITH ENVIRONMENTAL ISSUES

The majority of bitcoin mining takes place in China, which has lower energy costs than the US and Europe.

China holds more than 80 percent of the processing power used for mining.

There are concerns about the environmental impact of the growing use of electricity for cryptocurrencies.

Experts, China He draws attention to the fact that most of the electrical energy in Turkey is produced from fossil fuels. right;”>SOURCE: Haberturk

Bitcoin miner What are your thoughts on the electricity consumed by your customers?

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