Bitcoin mining is process of generating new units of bitcoin and it involves use of high amount of electricity. Mining uses computing power to solve mathematical problems. The more computers join the network, the more complicated the problems become. So more people mine the bitcoins, more energy is required to generate it.
According to Bitcoin Energy Consumption Index, Bitcoin already uses same amount of electricity as Denmark uses in one year! Its current annual electricity consumption estimation is 32.73 TWh. Currently one bitcoin transaction uses 235 KWh. It means about 8 US households can be powered for one day by this amount of electricity which single transaction consumes.
With this statistics, we can see how much world electricity is used by bitcoin and it is horrible. Its energy use is increasing at rate of 25% per month.
By 2019, at this rate Bitcoin will consume same amount of electricity, as US currently does.
But it has also bright side. The increasing bitocoin costs are deterrent to criminals using bitcoin for illegal purposes.
What do you think? Can the world afford to power up bitcoin?
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Good knowledge of friends @munawar1235 about bitcoin, hopefully a country that can bit the bitcoin, because my country Indonesia has not neglected bitcoin, greetings know from my friends.
There are countries where the energy is very cheap and a lot of mining is done, but for countries from UE it is very expensive and the mining is not so extented.
I did not know it was this bad dam.
Denmark and especially Finland are more involved in this, due to their cold climate that will reduce the costs of cooling the equipment.
At this point, i believe miners should be asked to procure and install massive solar plants as well to produce electricity for mining :D
@reveur ven