Tuesday , January 19 2021

Bitcoin mining consumes more electricity than Denmark



Researchers at the Oak Ridge Institute in the United States found that cryptosol, like bitcoin, consumes as much energy as gold mining of the same value. This year's energy consumption for bitcoin mining could exceed Denmark's consumption.

Although it has already begun to talk about cryptowork crash, there are currently hundreds of virtual currency and countless server clusters around the world that have recently been identified as continuous mining at the University of Cambridge. More than half of them are in China.

Mining virtual currency, which also has value in the real world, has a hidden price that is seldom measured or taken into account. "We have a completely new industry that consumes more energy every year than many countries," said Max Krause, a researcher at the Oak Ridge Institute of the US Energy Ministry, for the French AFP press agency.




When the cryptoate is mined, the energy consumption is up to three times that of gold, platinum or copper.


When the cryptoate is mined, the energy consumption is up to three times that of gold, platinum or copper.
Photo: Thinkstock

"For now, Bitcoin is spending more energy than Denmark this year," said Krause, who is also the lead author of Bitcoin Energy Consumption Studies published in the scientific journal Nature Sustainability.

Denmark spent 31.4 billion kilowatt hours of electricity in 2015, and about 1 million kilowatt hours was spent by July 1 for bitcoin mining, researchers said.

In a highly competitive mining industry, hundreds of crypts, even thousands of connected computers, perform intensive computer operations to find online versions of valuable metals. New coins are given to those who make the first calculations, and verified transactions are entered into the main book of transactions. blockchain.

More than half the value of cryptolun belongs to bitcoin

According to coinmarketcap.com, the current market value of the hundred major crypts is about $ 200 billion, or 175 billion, with bitcoin that contributes more than half the value.

"We wanted to raise people's awareness of the potential cost of environmental protection of mining cryptics," Krause said, adding that other digital products, such as movies, music and video, include measurable costs of environmental protection.

As part of the study, Krause and environmental engineer Thabet Tolaymat calculated the average energy consumption for mining four major cryptocrits – bitcoin, etereum, litecoin and monera – in the value of one US dollar in the period from 30 months to June 2018. The cost of copying bitcoins was 14 megajouls (MJ), in case of ether and litecoin seven MJ, and on the monument, 14 MJ.




Though it has already begun to talk about crypto-drops, there are currently hundreds of virtual currency and countless server clusters around the globe that are continually mining.


Though it has already begun to talk about crypto-drops, there are currently hundreds of virtual currency and countless server clusters around the globe that are continually mining.
Photo: Reuters

Only aluminum extraction is more energy efficient than cryptor acquisition

In mining cryptoates, power consumption is three times higher than gold, platinum or copper. Of precious metals involved in the study, only aluminum production (122 MJ for one dollar value) proved to be more energy-wasting.

Researchers have also stressed that computers are made of gold and other precious metals, and in intensive operations such as crossing mines, they are consumed much faster than in normal use.


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