gettyimages 912727778 Bitcoin Mining Uses Tons of Electricity, Raising Concerns

Bitcoin Mining Uses Tons of Electricity, Raising Concerns

Read Time:1 Minute

-Crypto mining is a process in which computers race to complete a computation that creates a 64-digit hexadecimal number, or hash, for a bitcoin. The computer that solves the computation first gets a reward of 6.2 bitcoins.
-Crypto mining is energy-intensive because graphics cards on mining rigs work 24 hours a day. A rig with three GPUs can consume 1,000 watts of power or more when it’s running.
-The Digiconomist’s Bitcoin Energy Consumption Index estimated that one bitcoin transaction takes 1,449 kWh to complete, or the equivalent of approximately 50 days of power for the average US household.
-Fossil fuels account for more than 60% of the energy sources in the US. A majority of that percentage is natural gas and a minority is coal. The carbon dioxide produced by fossil fuels is released into the atmosphere, where it absorbs heat from the sun and causes the greenhouse effect.
-As mining rigs consume more energy, nearby power plants must produce more electricity to compensate, which raises the likelihood that more fossil fuels will be used.
-Ethereum 2.0 is an upgrade being tested and set to go live in August. Instead of computers trying to solve computations — referred to as proof of work — computers will be randomly selected to create blocks for the blockchain, while computers that weren’t selected will validate those blocks created.
-A growing number of coins use the proof-of-stake protocol that ethereum 2.0 will transition to, resulting in a drop in power consumption.

 

 

gettyimages 912727778 Bitcoin Mining Uses Tons of Electricity, Raising Concerns
Bitcoin Mining Uses Tons of Electricity, Raising Concerns 3

Leave a Reply

%d bloggers like this: