Indeed, the Bitcoin mining process uses a ton of electricity, but there are no “apocalyptic concerns” to speak of at this point in time. HERE IS WHY:
❗According to a recent study, the Bitcoin network will consume 8.27 terawatt-hours of energy per year at current prices, which is less than an eighth of what U.S. data centers use, and only about 0.21 percent of total U.S. consumption;
❗Global production of cash and coins consumes an estimated 11 terawatt-hours per year, while gold mining burns the equivalent of 132 terawatt-hours;
❗What’s more, Bitcoin’s consumption won’t necessarily keep rising as it has. In recent years the centers’ total electricity use has flattened even as their number has kept growing;
❗Bitcoin miners are no less motivated by profit, so they will seek to become more efficient and employ the cheapest energy available, which generally means hydroelectric plants and other renewable sources;
❗FYI, the Bitcoin network generates a lot of benefits, such as an ability to send money freely across borders or to own an asset that can’t be seized. People in developed countries might take these things for granted, but people in places like Zimbabwe and Venezuela are turning to Bitcoin for survival.* #BlockchainThursday

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* Information source: bloomberg

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