![]() ![]() This is true for many countries, especially China, which is responsible for 70 percent of the world’s Bitcoin mining.Īs Bitcoin mining requires a lot of energy, node operators look for countries with cheap electricity prices. The energy coming from green solutions like wind farms or solar plants is often hard to store or sell when the supply outweighs demand. Many countries have an excess of electricity, especially when it comes to green energy solutions. It’s worth questioning if the electricity the Bitcoin nodes use does harm the environment? Let’s take a moment to think about where the energy for Bitcoin mining comes from. To get started, let’s discuss if Bitcoin’s energy usage really is a problem?Īre We Thinking the Wrong Way about Bitcoin’s Energy Usage? the effect of the Bitcoin network using a lot of excess and green energy.possible solutions for the high energy usage of Bitcoin. ![]() how the amount of energy consumed by each blockchain project differs depending on the implemented consensus algorithm.This article will cover the following topics: You can compare this carbon footprint with the footprint of a city like Kansas City (US). The electricity generated for powering the Bitcoin network equals 22 megatons of CO2 on a yearly basis. More important is the carbon footprint of Bitcoin. An online tool by the University of Cambridge showed that Bitcoin uses as much energy as the whole of Switzerland. However, this race towards finding the solution comes with high energy usage, as it’s a resource-intensive process requiring a lot of electricity.Ĭurrently, Bitcoin mining uses 58.93 TWh per year. The miner that’s first to find the solution receives a Bitcoin reward. For Bitcoin, it is its high carbon footprint created by mining.īitcoin mining works by solving cryptographic puzzles, also referred to Proof of Work (PoW). However, every innovative project has to pay its price. Bitcoin is still the most important cryptocurrency people know about, and it serves as the entry point of the crypto space. ![]()
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