Bitcoin Mining Vs Electricity Consumption
Recently we have been seeing the Topic of Bitcoin Mining Effects on Electricity Infrastructure hammered down almost everywhere. Many Countries have openly declared that Bitcoin Mining has reduced their Electricity Holdings.
I know that the Energy Consumed in the process of Bitcoin Mining should not be Underestimated. There have been many speculations that Bitcoin Mining may lead to a Crisis of Electricity in the near Future. Let me tell you one thing these are all Speculations with no definitive Proof.
All that being said we recently found out that UK's National Grid openly said that Cryptocurrency Mining is not much of a Problem for the UK. This statement blatantly contradicts to all the speculations that have been going around.
I once did the mining ,,, I think every month I will be expensive to pay for electricity. but, absolutely not. it's based on my personal experience. I do not know maybe different from others.
Thanks for sharing the information,,, my friend @arunava
If you have a Good enough Hardware Mining is Profitable considering you are Mining the right coin.
High hardware will be expensive to pay,,, many risk to mining,,,, much benefit also expensive to pay...
I think that excessive electricity consumption required to secure transactions is indeed a problem. How much coal do we need to burn to process these transactions? Thousands of tons of coal and same CO2, NO and PM emission. This is why I don't invest into POW cryptocurrency and strongly believe in POS. Bitcoin mining is not a problem for the UK as British electricity prices are so high that Bitcoin mining is not profitable.
So I have researched a bit about this and currently only about 60% of the Electricity comes from Burning coal the Rest comes from Nuclear and Renewable Energy.
And you can't ignore the recent Public interests in Solar Power. Hell I am planning on buying some Solar Panels for my New House.
I feel that Bitcoin mining follows sustainable development , it doesn't acts as a harbinger for the crisis of electricity . Just some Centralized forces just spread the FUD saying that mining would lead to crisis of electricity !
Who knows Blockchain technology can do miracles ! It might generate electricity one day . Thanks for the post man :)
You have some good Pointers there. I am guessing you are one of my Indian Brethren so if you are from India you might know that up untill around 5 years ago there was a huge scarcity of Electricity we had at least 2-3 hours of Day without Electricity but nowadays we hardly get Electricity cutoffs.
That's a pretty good sign that there is no shortage of Electricity as of now.
This post received a $2.940 (82.38%) upvote from @upvotewhale thanks to @arunava! For more information, check out my profile!
This is great. Thanks for this information we all need to know about the bitcoin mining
Kenap bisa demikian sama halnya di negara saya
I would love to see some numbers supporting or rejecting these statements. With its popularity gaining massively it will definitely get all the attention now.
Congratulation @arunava you got upvote 20% from @xyzashu having only 94.901 SP
Bitcoin mining requires a lot of electricity, so the electricity question can arise in the future.
@voluntary-io is probably correct when he/she says that the high cost of electricity makes mining in the UK unprofitable. The only thing that will cause an electricity crisis will be the advent of electric vehicles. Here in the UK, we are being bombarded with propaganda by the Green lobby to move over to electric cars. What they seem to forget is that charging these vehicles will require a huge investment in new power stations. That worries me more than crypto mining. Thanks for the post.