As it’s already well-known, mining Bitcoin requires intensive work and specific hardware. This is way people rather buy bitcoin through exchanges and not everyone is mining bitcoins at home. The complexity of the creation of Bitcoins doesn’t mean mining has slowed down at all. The opposite has been happening.
The world’s Bitcoin network is expected to use 7.67 gigawatts of power by the end of 2018. That’s one two-hundredth of all the electricity used on the planet.
In other words, according to the latest research, the Bitcoin network currently uses about as much power as the entire country of Ireland and is expected to grow to the same energy consumption level as Austria, which is currently at 8.2 gigawatts.
If, as many think, cryptocurrencies are truly going to become the money of tomorrow, then it will be necessary to do something about this problem. Hopefully, new ways of mining more efficiently are going to be develop. Because again, in the next six months we may see Bitcoin using as much electricity as a major industrialized nation.
< 1 min
Table of contents
MOST TRADED ASSETS
- Binary Options
- Digital Options
- Forex
- Stocks
- Indices
- Commodities
- ETFs
-
EUR/USD
1.05
Trade-0.14% -
USD/JPY
154.47
Trade+0.03% -
AUD/USD
0.65
Trade-0.39% -
GBP/JPY
194.31
Trade-0.04% -
GBP/USD
1.26
Trade-0.07%
-
Shopify Inc.
106.97
Trade-0.13% -
Tesla, Inc.
352.42
Trade+3.6% -
NVIDIA Corporation
141.89
Trade-2.91% -
Amazon.com, Inc.
197.1
Trade-0.68% -
Coinbase Global, Inc.
304.49
Trade+3.7%
-
Gold
2666.48
Trade-1.91% -
Crude Oil WTI
70.36
Trade-1.08% -
Crude Oil Brent
73.93
Trade-1.01% -
Silver
30.69
Trade-2.18% -
Natural Gas
3.45
Trade-1.12%
-
US 100
20881.23
Trade+0.07% -
GER 30
19425.65
Trade+0.01% -
US 30
44577.5
Trade+0.06% -
US 500
5999.37
Trade+0.01% -
JP 225
38745.5
Trade-0.34%
-
Valkyrie Bitcoin Fund (BRRR)
28.1
Trade+1.68% -
20+ Year Treasury Bond ETF
90.39
Trade-0.11% -
Bitwise Bitcoin ETF (BITB)
54.06
Trade+1.68% -
S&P 500 ETF
595.51
Trade+0.34% -
Daily Junior Gold Miners Index
45.06
Trade-0.85%
Your capital might be at risk
Related posts
2 stars of the crypto market: Bitcoin vs. Ethereum
Day Trading Cryptocurrencies on IQ Option
Cryptocurrency News: Where Are We Headed?
Crypto Trading: Still Hot or Not?
Trading CFDs on Crypto with IQ Option
Bitcoin Technical Analysis: July 2020. Bulls or Bears?
Bitcoin Technical Analysis for July 2019
India Taking Back Control of Their Data Against Digital Gangsters?
What should you learn next? Turn the wheel to find out!
