Bitcoin's global network has a very high energy consumption and consumes over 2.55 GW of electricity to extract this virtual currency. The figure doubled from six months ago and may double by the end of 2018.
It has been reported that rising energy consumption in the world has raised concerns among environmentalists because the world's energy consumption is now equal to Ireland's overall consumption of bitcoin.
The Bitcoin extraction process occurs when computers receive a Bitcoin award through solving very complex issues, and the Blockkin bitcoin uses a proxy of work or PoW algorithm to secure its security.
Until now, it's not a problem, but solving these complicated puzzles requires a lot of energy, and with the pervasive extraction of Bitcoin, this energy is increasing day by day, which has sparked global concern.
Of course, the precise and complete world energy consumption for Bitcoin extraction is extremely difficult because hardware is hotter in the bitcoin extraction process and there is a need for many coolers to cool. So the only energy consumed by computers is not to be taken into account, and other energy is used to make this extraction.
Considering these issues, experts estimate the world's lowest energy consumption of 2.55 GW for bitcoin mining, which is lower than Ireland's electricity consumption.
Estimating the future of the world's energy consumption for bitcoin is a difficult task because it depends on many factors such as the price of bitcoin, the progress of integrated circuits with specific applications, the cost of electricity, the number of new suppliers, local restrictions, and so on, but obviously none of these figures Will not go down. So we have to wait for the global energy crisis due to the extraction of bitcoin.
Hi Passing by and Upvoted you :) !
:
“Better to have loved and lost some money, than not having money at all.” ====> Ljupka Cvetanova
hash rate is always increasing:
https://steemit.com/bitcoin/@aro.steem/high-time-soon
nice post !
your welcome ;)
Support AOE and that won't be a problem for long.
thx 4 the upvote!
AlphaOmegaEnergy (aoecoin) the World's #1 Breakthrough CleanEnergy Startup is going on the Blockchain this year with 2,922 new techs.
Can visit our steemit and check us out!
https://steemit.com/@aoecoin
You got a 33.33% upvote from @stef courtesy of @binam!
Low Minimum Bids!
Increase Your Rep!
Draw Attention To your Post.
Earn Passive Income By Delegating SP to the Bot.
Overbid Protection
Voting processed every 2.4h (2,880 blocks).
Invest and earn daily by delegating to the bot, we match or beat popular competitors.
You got a 21.23% upvote from @t50 courtesy of @binam! To use this service send a minimum of 0.010 SBD or STEEM to @t50 with the post you want upvoted as the memo. @t50 follows all followers! If you do not want to receive upvotes from @t50 you can ask to be blacklisted by replying to this comment.
This post has received a 0.18 % upvote from @drotto thanks to: @binam.