RATE Group | We are thinking about Bitcoin energy usage in all the wrong ways
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We are thinking about Bitcoin energy usage in all the wrong ways

29 Aug We are thinking about Bitcoin energy usage in all the wrong ways

Posted at 01:37h in Bitcoin News by

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Global warming is certainly one of the humanity’s greatest challenges. For decades, public opinion has held heavily industrialized nations accountable for the damage done to our planet. In the quest to preserve Earth, it has become en vogue to critique Bitcoin mining for its high energy use and potentially harmful impact on the environment.

Towards the end of last year, the Bitcoin BTC network was running on enough electricity to power more than 20 European nations. More recently, an article was run with the headline Bitcoin mining now accounts for almost one percent of the world’s energy consumption. Under a certain light, this is certainly true.

Bitcoin mining relies on Proof-of-Work to maintain its ledger. This mining network is made up of (and powered by) computers, which obviously use electricity. As adoption increases, more computers join the network, making the whole thing quite energy-intensive. Profit and efficiency is directly tied to…

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