Electricity Consumption in Crypto Mining

You all must know about Cryptocurrency, if you do not know then you are behind in-crowd. Millions of people have become millionaires and millionaires today by investing in cryptocurrency.

In 2009 for the first time, cryptocurrency emerged in the form of bitcoins. But they gained popularity in the past two years.

The cryptocurrency was invented by Satoshi Nakamoto. But do you all know how much electricity is consumed during crypto mining? Crypto mining consumes 91 terawatt-hours of electricity annually.

What is cryptocurrency?

Cryptocurrency is a digital currency or virtual currency. You can only buy or sell it digitally. You cannot buy it in the form of notes or coins. Cryptocurrency is not controlled by any government or any country yet. Cryptocurrency prices keep going high and low.

What are crypto mining and blockchain?

For solving puzzles, systems are rewarded with cryptocurrencies. And at the backend of these transactions is a technology known as the blockchain. They store information in digital format.

Blockchain plays a crucial role in maintaining a secure and decentralized record of transactions. Some of the cryptocurrencies are Bitcoin, Ether, Binance, Tether, Solana, Shiba Inu, Avalanche, Chainlink and Cosmos etc.

Electricity Consumption in Cryptocurrency

The mining of cryptocurrency is operated by a high level of computers which consumes a large amount of electricity.

According to research conducted by Cambridge University, the amount of electricity consumed in the process of mining is more than the electricity consumed by the countries like Dubai, Ireland, Netherland, and Argentina. Time by time people are investing more in cryptocurrency which has increased mining resulting in more electricity consumption.

People involved in crypto mining are increasing and puzzles are becoming complicated which increased the use of high processor machines. This results in the high consumption of electricity during crypto mining. If everyone in this world starts using cryptocurrency in daily life then the situation can become worse.

Bitcoin consumes 110 terawatt-hours per year according to the Cambridge Centre for alternative finance which is equivalent to 0.55% of global electricity production or the energy drawn from small countries like Sweden and Malaysia.

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