The surge in electricity prices internationally has led the “miners” of the most popular and powerful cryptocurrency to consume 75% of the income offered by it in … electricity payments, according to a research by the German website CryptoMonday.
Bitcoin mining is an extremely energy-intensive process, with a simple Bitcoin transaction requiring approximately 2,165 kWh of electricity. A household in the US consumes this amount of electricity in 74 days.
At the core of the Bitcoin system is the proof-of-work (PoW) mechanism, which takes a long time to solve complex equations in order to acquire some of the newly minted digital currencies. The process requires the use of special mining equipment with high computing power. This equipment consumes huge amounts of electricity, erupting the accounts of the perpetrators.
But because Bitcoin derives its value, among other things, from its rarity, the mining system is becoming increasingly complex and difficult, which means investing in new, more powerful equipment that consumes even more energy.
The environmental footprint of mining thus reaches that of entire countries. According to one estimate, the pollutants from Bitcoin mining are close to 114 megatons of carbon dioxide, emissions similar to those of the Czech Republic in one year.
Source: Capital
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