Research: Bitcoin Mining will Spend 0.5% of World Energy by the End of 2018

Economist Alex de Vries Independent published a scientific journal in Joule on May 16 published a research on the name "Bitcoin's Growing Energy Problem" Bitcoin (BTC) reported that his mining would have spent 0.05% of the world's total energy by the end of the year of 2018.

De Vries , stated that the BTC network currently has an electricity consumption of [255GW of and is moving towards consuming 7.67 GW in the near future . We can say that it is consuming electricity in Ireland 3.1 GW and Austria in 8.2 GW in order to be able to explain more clearly what the great consumption rate is. For this reason, Alex has used the Bitcoin network "have a big problem and it keeps growing".

Bitcoin mining, have to do calculations -hashler – to be able to give Bitcoin rewards to the miners .

Solutions like Lightning Network In mid-February, for the year 2018, the crypto money mining in Iceland was reported to consume more electricity than the home and settlements in the country.

However, De Vries, in his statement to the Independent Independent said that Bitcoin's mining is not harmful to nature, as Bitcoin is a real need for countries that do not have access to proper financial institutions. " 50% has a serious sense of shock."

"This is really an extreme challenge compared to normal financial systems and an ever-increasing need for electricity will definitely not help us reach our climate targets."

It is emphasized that Bitcoin targets mining equipment and their individual usage details and "measures the electricity of Bitcoin mining equipment, which has done all these hash calculations that are considered to be very difficult even today".

De Vries' research Bitcoin energy consumption De Vries is using as an example to show how much energy each machine consumes over the life of the machine The company produces Antminer

On the contrary, Bitcoin thinks that his current research can lead to something like that, because Vries thinks the world needs "more scientific discussions about where the network goes" instead of "round and so calculations" technology behind the scenes blockchain is used to alleviate and prevent some environmental problems. With this week IBM and Veridium Labs launched a project called carbon credit tokens to help companies better track their carbon footprint through blockchain and keep it accountable, which could reduce the global carbon footprint .