Crypto

The Dutch economist Bitcoin has revealed the striking truth

The other day, Alex de Vries, an economist who published the article "Bitcoin's Growing Energy Problem", told the Independent that Bitcoin (BTC) mining will use 0.5 percent of world energy until the end of 2018

De Vries stated that this consumption is a major problem for the network, as the BTC network already consumes about 2.55 GW of electricity and consumes 7.67 GW in the future (reference 3.1 GW for Ireland and 8.2 GW for Austria) and that this problem is growing rapidly

However, solutions such as the Lightning Network noted that it could alleviate this situation.

Bitcoin mining is a business that requires energy. In February, crypto mining operations in Iceland were reported to consume more energy than the habits in 2018.

The debate over whether bitcoin mining is too harmful to the environment is considered by some to be a minor matter.

However, De Vries

"There is an extreme difference compared to the usual financial system, and this increased demand will certainly not help us reach our climate targets."

This scientific study examines the different Bitcoin miners and their individual energy uses in detail. 19659002] De Vries uses Bitmain's Antminer to show how much energy each machine uses over its lifetime.

In addition, De Vries believes that this work requires that the world need more scientific discussion on this topic.

Contrary to all these negative aspects, Blockchain, the technology behind Bitcoin, is used in some cases to alleviate environmental impact.