Cryptocurrency mining poses great environmental threats to world civilization. This point of view is periodically expressed by many experts.
CoinMetrics co-founder Nick Carter joined them. In late March, this researcher published an article analyzing the scale of mining.
He came to the conclusion that the rise in the cost of bitcoin stimulates miners to increase their computing power. Accordingly, energy consumption continues to grow, which has a negative impact on the environment.
A similar trend has been observed with gold, Carter noted.
At the same time, the analyst found out that miners mainly work in those regions where there is an excess of electricity. Thus, those experts who believe that crypto mining can lead to a disruption in the energy supply of the population and enterprises are mistaken.
The lion’s share of the bitcoin network capacity is generated by mining pools operating in the Chinese provinces of Xinjiang, Sichuan, Inner Mongolia and Yunnan.
These regions have a relatively low population density, but there are opportunities for the production of large amounts of energy from the sun, wind, coal and water. That is why there is a surplus of electricity, which leads to seasonal price reductions.
Carter recalled that already now bitcoin miners consume such a volume of electricity that allows them to supply entire countries with electricity.
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