Crypto News Flash #99 : Crypto Mining Consumes More Electricity Than Normal Houses Consumption | Should We Be Worried ?
Well, we all are aware of the fact that Cryptocurrencies needs mining in order to be authorized to transfer from one person to the another. Various Mining rigs have been step-up by millions of Miners all over the world who basically authorizes all the transactions happening all over the crypto verse.
But in time, Crypto mining have become highly expensive as the GPU's embedded in Mining rigs consumes whole lot of electricity in order to be operative and that's why the consumption of electricity have risen significantly in Mining procedures.
In December 2017, a survey was conducted by some Analysts and after analysing the power consumption in mining rigs during the crypto mining process, they called it an 'Environmental Disaster'. Because the power consumption was too much, even higher than a regular household power consumption.
Smari McCarthy of Iceland's Pirate Party has said that the power consumption in Mining rigs was highly impractical as the Bitcoin/cryptocurrencies have no general as of now except Financial Speculation.
As per the Source, the statement goes something like this:
"We are spending tens or maybe hundreds of megawatts on producing something that has no tangible existence and no real use for humans outside the realm of financial speculation. That can't be good.”
Although, many analysts also believes that Bitcoin has some real life use cases as well like In Venezuela, where Bitcoin is being used as a currency to buy home supplies or luxurious goods.
But the conclusion is ; Until the Bitcoin has some real life use cases, some policies should be there to record and manage the electricity being used in Crypto mining rigs.
Thanks for reading...!!
Nice information good research :)
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In some certain cases, the amount of electricity being used to mine is extremely excessive. I certainly agree that there should be some form of electricity management for these rigs. Really interesting and important post!
Iceland has a population of only 300.000 people and a cool climate that is favourable towards building mining farms. So I guess it doesn't really surprise me that the power consumption for mining exceeded house consumption.
If that was the case for a bigger country than I would start to wonder if it is a real concern.