Some believe that Bitcoin mining (BTC) can consume all the energy in the world. But this is nothing more than speculation. Although energy consumption for mining is significant, it would practically be impossible for Bitcoin (BTC) to be responsible for the total consumption of electric energy.
For transactions to be validated, many cryptocurrencies rely on mining. Algorithms solve mathematical problems to validate protocols of transactions involving cryptocurrencies. Most cryptocurrencies require miners to validate their blocks of data via blockchain.
Bitcoin Mining (BTC) accounts for only 0.1% of energy consumption worldwide
Investors and companies earn cryptocurrencies through mining. The coin is distributed as an incentive for the operational power used in the mining of a digital asset. This operating power comes from mining-oriented boards and equipment that consumes a lot of energy. A lot of the energy is actually used to cool equipment which heats up as it us used daily to mine cryptocurrencies.
Several rumors point out that Bitcoin (BTC) will account for much of the world’s electricity consumption. However, energy consumption generated by mining is practically zero. It corresponds to only 0.1% of the total world energy consumption. And at this stage, cryptocurrency mining will hardly grow 100 times over.
Bitcoin responsible for global warming?
According to a recent article, Bitcoin mining (BTC) could even be a cause for global warming and is already responsible for carbon dioxide emissions comparable to that of Austria’s. But none of this seems to be true according to energy Expert Professor Jonathan Koomey. For him, it is very unlikely that mining rates will continue to rise to the point of being alarming:
“While I encourage everyone in the electricity sector to track Bitcoin as a potential source of new load growth, please use caution and avoid being misled by the hype. Breathless media coverage papers over the uncertainties in the underlying data, and makes it seem like Bitcoin is taking over the world, but in fact it’s likely only 0.1% of global electricity consumption, and it is unlikely to continue growing at recent historical rates.”
Kommey still talks about the rumors that come up about new technologies and the consumption of electricity. The expert said that when the internet surfaced many rumors said that 10% of all electricity consumption was generated by computers, which was never verified at any time.