Bitcoin’s Electricity Use to Match Denmark, But It’s Worth It

Over the years, there has been a lot of focus on the energy usage associated with Bitcoin mining. Given the growing demand for mining hashpower to keep the network going, more devices are being deployed by hardware manufacturers, all of which draw a significant amount of energy from the wall. A recent article shows how growing power consumption by Bitcoin miners could outpace the total electricity consumption of Denmark by 2020.

Also read: Bitfury Pays in Bitcoin to Join UK’s Innovate Finance

Growing Bitcoin Electricity Consumption

Bitcoin.com_Bitcoin Mining Electricity Consumption

One thing to understand about the Bitcoin network is how transactions are being confirmed by the people actively mining blocks. Every transaction has an associated fee, which will pay for its inclusion in one of the next blocks on the Bitcoin network. However, mining Bitcoin is not an easy task, as the ecosystem has grown exponentially over the past seven years, and the mining world has undergone several changes as well.

Bitcoin mining hardware has become far more efficient compared to a few years ago, but there is also a hefty increase in electricity consumption per device. This is only normal, as more powerful hardware requires

Read more ... source: TheBitcoinNews