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Bitcoin mining

According to BlockChain.info statistics, in April 2013, when each bitcoin is valued at about $ 100, all the electricity consumed by bitcoin mining machines was up to 1,000 megawatt hours per day, enough for 31,000 US households spend, worth up to 150,000 USD. But in December, the figure of 105,000 megawatt hours per day would spend about $ 15.8 million. As of December 4, people mined 4,800 bitcoin, So roughly, each bitcoin costs up to $ 3,300 of electricity. Compared to the price of bitcoin at $ 1,146, "mining" each bitcoin, "miner" losses over $ 2,000. Digiconomist published the data, on November 27, 2017, the global electricity for Bitcoin mining is 30.23 TWh/year, equivalent to 0.13% of the electricity consumed worldwide.




In Venezuela, many regions of the country have lost power due to Bitcoin mining groups. In China, hydropower plants consumed huge power for Bitcoin mining system

Digiconomist also indicates that Bitcoin currently consumes an average of 32TW of electricity per year (equivalent to 32 billion kW of electricity), and this figure is sufficient to supply more than 3 million households living in the US.

Accordingly, in 2019, the amount of electricity used for Bitcoin transactions could be equal to the electricity supplied to the entire United States. Six months later, it can equal to the electricity consumed worldwide. This makes the amount of greenhouse gases in the Earth rises and makes climate change worse and faster.

Interestingly, the trend of Bitcoin in particular and cryptocurrency in general are still booming, leading to greater consequences. "The more powerful Bitcoin grows, the more algorithms used to accumulate Bitcoin will become more and more difficult, meaning more power is needed for processing," Holthaus said.


What is more remarkable is that the trend of Bitcoin in particular and virtual money in general are still booming, leading to greater consequences. "The more powerful Bitcoin grows, the more algorithms used to accumulate Bitcoin will become more and more difficult, meaning more power is needed for processing," Holthaus said.

Eric Holthaus also makes predictions, saying that if Bitcoin continues to grow at the current rate, its electricity consumption will be equivalent to that of the United States in 2010. Six months later, it would probably consume electricity as much as the rest of the world combined.