Ever since digital currencies have been introduced, millions of people have started mining. Mining is a process that works to get a great deal of digital currency through the use of energy consumption and what is known as “miners”. These are computer-based programs that are simple to work with and easy to run through but can bring about mixed results. With the added usage of these things, many people are starting to take an impact on the environment and not even know it. You may not think that these things can do anything, but the more that Bitcoin and other currencies get popular, the higher the chances are that you’ll end up with a serious push in the wrong direction, at least in terms of going green.
How exactly could something like Bitcoin mining cause any impact on the environment? Well, you’ll need to consider a few notes in regards to this issue and how the world could find itself at odds with miners and those that are trying to get their fair share of digital currencies, including that of the most popular, and most expensive option, Bitcoin.
What Exactly Is Bitcoin?
Before you can move forward with a global impact solution, you need to know what exactly is Bitcoin. This is the first and most prominent of digital solutions. The easiest solution to consider is simple, it’s a computer code. When an owner transfers currencies between another person, you’ll find that the computer code allows for digital ledger marks. In the last year, the digital currency world has been thriving, and at the time of this writing, Bitcoin is worth a great deal of money, thousands even. While some analysts are saying that this is a temporary jump, others are saying that there is a lot that goes into this, and could very well be the future of currency overall.
But What About The Mining?
Well, unfortunately, there is a big push against the environment. The sustainability issue of Bitcoin is due to the process that is centralized to the retrieval of the digital currency overall. Mining requires a great deal of power, and the standard computer will overheat when running through the algorithm overall. The miners that people are using today use a specific math equation to try and run down the complicated calculations and create transactions that will eventually add up to Bitcoin.
There’s a great deal of energy that comes with moving through the mining process, and the most powerful computers that can run the software can cause a great deal of energy consumption. Now, multiply that by a great number of miners, and you start to see why it could be an impactful thing. At the time of this writing, economists have stated that the power consumption is quite high within the confines of this solution. The rise of the number of computers needed to get Bitcoins completely has created a great deal of power consumption that wasn’t there beforehand.
What Do Experts Say About Energy Consumption?
Let’s take into consideration what economists say about the world of Bitcoin. Economists have talked about the focused approach of mining and how powerful it could very well be. It’s hard to make certain estimates about just how much power is being consumed overall, but you’ll find that there are a few notes that point towards the sheer number of watts utilized for this solution overall.
According to news media, even with the most efficient of computers today, the amount of energy being consumed by mining alone could be around 13 terawatt hours. That’s on any given day, with multiple hours of mining on a regular basis, and that’s a powerful amount of energy overall. The energy consumption here is compared to what you would find in Ireland or even Slovenia. In regards to the energy element of Bitcoin, the average is focused on about 0.7% of the total energy consumption of the United States.
That may not seem like a lot, but it certainly is a lot when you think about the larger picture associated with Bitcoin. As more and more people start mining, the power usage will rise overall. You’ll find that in regards to the power consumption that is being used within this framework, 0.7% is a big number, and will only grow. According to experts today, you’ll find that growth ratios of mining have grown by more than 1/5 over the course of 2017, especially towards the end of the year.
Even Bigger Numbers
It’s not just a few analysts that have been thinking about Bitcoin mining and how the power consumption is being driven. There’s been a lot of focus on this, from organizations like The Bitcoin Energy Consumption Index, which has shown that there’s a lot of mining going on. To the point that you’re going to find that the mining element consumes more energy than more than 150 countries today. To ensure the numbers are somewhat easy to understand dis simple, you’ll find that the amount of power used to fund mining, you’ll find that it can run roughly 10 households for a day. They have been pushing forward with the notion that they would get 29.05 TWh.
The Future of Bitcoin
What you are going to find to be true about Bitcoin is that it’s growing. The interest in mining continues to grow and will not stop any time soon. As people are seeing a great deal of money coming through with the investments on digital currencies, it’s no doubt going to continue to generate a lot of attention.
In terms of energy consumption, there are a lot of computers that are being sold and are focused solely on the element of mining, and getting currencies that are digital in nature. That includes Bitcoin. This could very well be one of the major impacts on the grid. The grid is fine, but you’ll find that there’s a lot of elements that come to this, and well, while there are benefits to this, you’ll find that digital currency may not last as long as some would wish, but for now, analysts are stating that it’s pushing a great deal of energy.