The option to acquire cryptocurrencies without paying a dime makes it very enticing. Opposed to other currencies, you can get altcoins and Bitcoins through the mining process. Initially, mining was the principal means of getting any cryptocurrency. Currently, many people acquire them through crypto exchanges.
Mining is still very popular despite the rise of crypto exchanges. However, it has its downsides: the return on investment (ROI) has reduced, then comes the issue with electricity, fraudulent organizers managing mining pools, and so forth.
The issue that tops the cake in the crypto mining boom is the significant electricity consumption. Here’s why.
Today, big crypto mining networks do a lot of the mining. Digital currencies are not regulated by any commercial clearinghouse or central bank, but by the network of users who expend high amounts of computing power, and therefore energy, creating a blockchain of cryptocurrency payments transactions.
These facilities have to perform a significantly large number of computer calculations to track and verify transactions and to get solutions to puzzles in return for Bitcoin rewards. An article by btxchange.io mentions that the high power computer processors now consume more power than…wait for it…159 countries of the world!
This is very alarming considering that crypto has been in existence for less than 10 years. Here are surprising figures for crypto energy volumes in the past one year and predictions for the end of 2018.
Average power consumption by BTC and ETH: 16,136,666,666,667 Kw-hr
Average money spent by miners: 1,936,400,000 USD
Average power consumption by BTC and ETH: 27,081,612,903,226 Kw-hr
Average money spent by miners: 3,249,793,548,3871 USD
Average power consumption by BTC and ETH: 71,740,344,827,586 Kw-hr
Average money spent by miners: 8,608, 841,379,3103 USD
It is predicted that the mining power consumption may cross 110,000,000,000 Kw-hr by the end of 2018.
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