Cryptocurrency

How to mine Bitcoin can cause a collapse in energy?

The mining of Bitcoin is one of the activities or tasks that more electrical power needs. Not only does it require specialized equipment (ASICs), but also requires a large amount of electricity, which is required to maintain the margin of safety to mine Bitcoin. It is clear that when a criptomoneda requires a large consumption of energy for minarse, it is because the token has a high level of security. However, the big question is if this high consumption can cause a collapse in energy at the global level.

What is the average energy used to mine Bitcoin?

Certainly, Bitcoin is one of the cryptocurrencies more popular in the market and this makes it an attractive option for those who are engaged in mining. Due primarily to its high price, which may make it profitable to mining without any problems. Even some believe that even with the recent fall of Bitcoin mining remains profitable. Now, the mining of Bitcoin requires a large amount of energy (an aspect that was clarified at the beginning of the text), therefore, it is possible that sometimes some users will be wondering what the impact will be to undermine Bitcoin at the global level. The answer is quite simple, mining accounts for 0.31% of the amount of energy that is consumed worldwide. While it seems like a small number, with this percentage could provide energy for a whole year to all the inhabitants of the Czech Republic.

What this quantity of electricity for mining Bitcoin how much is equivalent?

With the mining Bitcoin you could feed one of the countries of Central Europe, and its high consumption of 77.782 TWh is the average used by this country. However, in the last 2 or 3 years ago the consumption was much less. Previously, the comparison of consumption was similar to that of Switzerland and Australia, however, these countries increased high consumption. It should be noted that, possibly with the Halving of the difficulty of mining increases along with the power consumption. On the other hand, with the recent drop in the market price of the cryptocurrencies, the power consumption by minar Bitcoin has gradually decreased. For the first few days of the month of march the consumption was 77.782 TWh, and for the time that it was made this article because its consumption had declined to a figure of 68.703 TWh.

What the other cryptocurrencies use the same amount?

The rest of the cryptocurrencies do not consume the same amount of energy, thanks to the fact that these come with different protocols that prevent your mining requires a large consumption of electricity. By now you know close to 500 coins that you can mine, maybe more. However, these do not use a high percentage of electricity. While Bitcoin uses about 60% of the electricity for mining, Ethereum uses close to 20% and the other remaining 20% is distributed in other criptos. To get an exact figure about the amount of electricity used by the rest of the cryptocurrencies is considered impossible, because they only represent a small percentage. However, Ethereum itself has a summary, which indicates that their consumption rate is close to 20 Hht 5 Hht.

Is it possible that the excessive consumption is causing a collapse in energy?

The mining of Bitcoin only represents a small percentage of the total use of the world’s energy. With this we mean that, the odds of a “bad energy” are null and void. You can, however, cause a great pollution, because a large percentage of miners of Bitcoin are located in China. That country uses carbon as one of the main sources of electricity. Which, also, requires a large consumption of electricity, causing greater pollution of CO2. In conclusion, although the mining Bitcoin does not use a large amount of energy, to produce the necessary electricity causes pollution, generated industrial waste, among others.

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