Scientists from the United States presented a study that talks about the multiple growth of energy for cryptocurrency mining. According to them, this volume has already begun to exceed the annual energy consumption of several countries.
The researchers explained that bitcoin mining poses a threat on the road to “zero emissions.” Scientists are urging governments to start regulating mining to reduce their carbon footprint.
It is also noted that earlier cryptocurrency could be mined even on an inexpensive computer. However, the more cryptocurrency is mined, the more complex are the algorithms which need to be solved by the devices. This means that more and more power is needed for mining.
Professor of economics at the University of New Mexico, stressed that “the amount of electricity that is currently used to mine bitcoins has already exceeded the amount that is used by entire countries – for example, Ireland. We are talking about several Terawatts, tens of Terawatts per year that are used only for bitcoin mining “.
Eco-activists have long been talking about the need to find a compromise between cryptocurrency mining and environmental impact. At the same time, the creators of the Etherium cryptocurrency, the second most popular cryptocurrency, promised to change the algorithm of the digital currency to make it more environmentally friendly.
“The mining of cryptocurrency can be a huge waste of resources, not to mention the pollution of the environment and the release of carbon dioxide. There are already consumers who do not have enough electricity, it is spent on the cryptocurrency mining” – the Ethereum representatives said.