Bitcoin Mining is Gobbling Up the World's Power
The Bitcoin industry presently needs mining to survive. In order to harness the virtual currency, power must be consumed. While there are already a plethora of mining operations throughout the world, more are likely to appear in the next few years as cryptocurrencies like Bitcoin become more widely accepted.
We're talking a lot of power here. Power Compare, a UK-based company, said the rise in the Bitcoin price is tied to the rise in the power supply, to the tune of 31 terawatt-hours annually. According to a report, that translates to $9.7 billion a year.
Source:bitcoin.com
Mining for bitcoin now constitutes 0.13 percent of the worldwide energy consumption, ranking it the world’s 61st highest power consumer. That's more than most African countries.
Source: Forbes.com
This has to cease at some point and really is a waste of power. There must be a better solution that benefits Bitcoin and the larger cryptocurrency community!
Before passing judgement on a system designed to protect data, I would like to offer a few industrial benchmarks to ponder:
This is a technology in infancy. Before throwing out the baby with the bathwater, perhaps putting a frame of reference to accompany the numbers is needed.
Very fair points. Thank you for your comment.
Checkout JSEcoin from their website...
"It is mined using surplus CPU resources which would be otherwise wasted. Browser mining has a huge environmental and cost advantage over existing cryptocurrency networks. There is an opportunity to make a real difference with web based cryptocurrency mining. "
Referred link
https://jsecoin.com/?utm_source=referral&utm_campaign=aff270&utm_content=
Interesting! Thank You! ... Just check my profile :-))