If you’re into a bit of risky investment, then your things must be cryptocurrencies. Digital currencies have taken over the world in the recent decade, and today’s financial market can’t be imagined without them. Their value has been going up and down in recent years leaving investors and onlookers with their hands up in the air. Surrender or excitement? It all depends. Crypto has changed the world as we know it, and it’s going to be more of that in the future. Change is always imminent because if you aren’t moving, you’re stagnating.
If you get involved with digital currencies you’ll experience rises and falls that no other investment can create for you. Because of this many people believe they’ll disappear in the thin air, while others are more of a belief that they’re here to stay and replace fiat currencies. Whatever the case might be, buying Bitcoin is expensive at the moment. With time, mining for it became less lucrative due to high expenses. BTC is a high-end commodity, there’s no arguing about it. This is why it is a common subject among the fans of this crypto, just how much does it take to mine one BTC. It takes a lot of stress and energy.
We’re here to tell you about the five things you should know about Bitcoin energy consumption. Let’s start with one staggering fact. It rivals the electricity consumption of one European country.
1. It’s On Level of Certain Nations
Yeah, that’s right, and we’re not kidding you. It takes 91 terawatt-hours of electricity to create all of the BTC that comes out during one year. This is a staggering number. We can’t even wrap our heads around it. This is more than Finland spends in the same period.
Can you imagine that? BTC requires more electricity in one year than a nation of 5.5 million does. We’re not talking here about a third-world country. No! We’re talking about one of the world’s most well-organized countries and the home of Nokia and Santa Clause. This just shows you that the frenzy regarding this crypto is real. People all over the world have equipped themselves with some heavy mining machines, and are eating up electricity as Monkey D. Luffy does with meat.
2. It’s Bigger Than Google
Not in the manner you first thought of, but in a sense it is. Yes, Google is one of the world’s premium companies that holds control over many assets and big parts of our lives without exaggerating. This company has spread all over the world and has reached even the most distant parts of the globe. Can you imagine the size of its operations? You probably can’t nor can we. But the fact of the matter is that it uses tons of energy for its operations. For a company of its size, this is no surprise. Do you know what it is?
The fact that BTC mining uses seven times more energy than the entirety of Google’s worldwide operations. In this domain, it is bigger than this company. If you’re interested in more staggering information regarding cryptocurrencies you’re better off visiting this website.
3. BTC Uses Diversified Power Sources
Most people who are not yet fully associated with this cryptocurrency believe that it only uses electric power for its operations. Yes, in most parts of the world, this is the case, as electric power is the most accessible form of energy and it is cost-effective for what miners want to do. Of course, with time the process of electric power went up, and the carbon footprint that it leaves became an issue for environmentalists. Because of this, the miners diversified their energy portfolio and now use multiple power sources. Their goal is to focus and maximize the usage of renewable power sources.
Thanks to this, in parts of China they’re focused on using hydro energy in areas where rain is abundant. In other parts of the world, such as Siberia their focus has shifted to natural gas. Soon enough they’ll be fully focused on different power sources which don’t include electric power directly. It’s no wonder many miners started singing Mother Russia from Iron Maiden. It makes sense, at least in Siberia.
4. It’ll Get Worse Before It Gets Better
As you know there is a limited number of Bitcoin that can be mined. The number is set at 21 million, and by most parameters, we’re almost there. The price is once again soaring, and we can already tell that the true madness regarding this crypto is ahead of us. As one could have guessed there are more and more interested parties in mining this digital currency that’s looking to catch the last train and maximize the existence of Bitcoin. In the early days of digital currencies, you could mine BTC from the warmth of your home on your personal computer.
This is no longer possible. Now you see countless graphic cards, which are now machines powerful beyond imagination. This is one reason why gamers hate the BYC miners. They’ve elevated the prices of computer gear. Which cause is nobler? You tell us. All we can hope for is that the BTC frenzy will end before Rockstar Games launches the latest iteration of Grand Theft Auto.
5. It Emits Huge Carbon Footprint
While this fact was denied in the past there’s no hiding it anymore. The carbon footprint left by those who mine BTC is huge. The worst part is that it is growing. The last time we checked it was the size of Morocco. This is quite a large size for something that has been around a little over a decade, especially when we have in mind that in the early days of cryptocurrencies not many people were involved with it.
Nowadays, BTC is not the only crypto interesting to people. Luckily it is still the dominant one. When you know that the mining process is almost completed due to limited supply, you can conclude that the mining will stop any year now. When this happens there’ll be less harm done to the environment.
