Bitcoin Mining Uses More Power Than Most African Countries
Mining has been essential for nearly any cryptocurrency based on the blockchain technology.
Whereas in 2009 mining could be operated with less effort and nearly no extra power use, nowadays mining has become so “difficult” and power intensive that it is not profitable for a “normal” user with a good pc.
However, mining is still done and the basic idea behind it hasn’t changed. It just has become an industry. An industry which consumes a lot of power to unlock the precious virtual currency.
Big halls full of mining rigs and cooling systems all around the world are bound to be more popping up in the next few years as Bitcoin and other cyber currencies continue their path into mainstream acceptance.
Because mining of cyber currency is still a lucrative operation lots of money to pumped into it. But as I mentioned mining needs a lot of electricity. A lot! BTC and BCH mining is using about 0,13 % of the global energy consumption and is the 61st world highest power consumption. With that stand, mining is using more electricity than most African countries.
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According to Power Compare the rising BTC price has directly influenced the demand on the power supply. In November as the price increase began the power consumption of Bitcoin mining went up to 30 %. If the demand for electricity for mining keeps going on mining will consume all of the world’s electricity supply by 2020.
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Interesting!
thx