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.Trade now
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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