Cryptocurrency Electricity Requirements Surpasses Annual Energy Consumption of Few Nations

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While some continue to praise Bitcoin and other cryptocurrencies as the beginning of the new world order, there are some who believe that the very digital currencies might spell doom by accelerating global warming. The dissent against Bitcoin and other PoW based cryptocurrencies is fueled by the extent of mining operations. As the mining hardware continues to become more powerful, the mining difficulty rises proportionally to maintain a constant emission of new tokens.

An increase in mining difficulty also means increasing energy requirements. According to reports, the recent rise in Ethereum value has led to an increased interest among the cryptocurrency community members. Many people have taken up Ethereum mining using graphic processors.

The increasing demand for graphics processors has not only caused a scarcity of GPUs in the market. It has, in turn, increased the energy consumption. According to reports, the total energy consumed by the Bitcoin network has risen to 14.54 terawatt hours (TWh) per year. The energy requirement is expected to further grow with the growth of the community.

It puts the total amount of energy required to process each Bitcoin transaction at 163 kWh, equivalent to the amount of energy used by an average household in the United

Read more ... source: NewsBTC USA

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