Cryptocurrency mining-a waste of energy:
According to IMF chief Christine Laggards: The amount of power consumed on producing Bitcoin and many such cryptocurrencies could very soon be reached to the energy consumed by a large country such as Argentina yearly. This is very alarming if the current trends continue.
‘’The Bitcoin mining, which is accelerated and augmented the use of computers to actually determine the value and incentive the functioning of the Forum in Daros in an interview with Bloomberg.
According to the data collected by Bloomberg, cryptocurrencies miners used more data than its limit. The data which they used is more than 37 gig watt- hour a day which is equivalent to 30 1.2-gigawatt nuclear reactor that is running at full capacity.
‘’Cryptocurrency mining could power 4, 124, 115, US households, and the energy consumed can be compared to Iraq’s electricity consumption’’ Said the Digiconomist Bitcoin Energy Consumption Index.
The fuel used for cryptocurrency network is mostly coal-fired plants in China because the energy there is cost-effective which results ’’in an extreme carbon footprint for each unique Bitcoin transaction’’ the website claims.
Laggard said: ‘’In the times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine bitcoin, it is a big concern’’
Now it may be alarming or good news that this energy consumption is more dangerous or the producing of Bitcoin is good news. Well, we can get the answer to this question in the future because there are still no signs that show us that it’s not good or it is good. But the discussion and the views above can clearly show that this energy consumption is exceeding its limit.