Receive all Bitcoinist news in Telegram! The continuing rise in Bitcoin is being fueled extensively by coal as many Chinese Bitcoin mining farms rely upon coal-based power plants. Not everybody is celebrating the massive simon hausdorff bitcoin mining that Bitcoin is enjoying this year.
While some financial experts continue to scoff at cryptocurrency in general, another issue has arisen that’s gotten a number of people worked up. This particular issue is the power used to mine Bitcoin and to conduct transactions. The majority of Bitcoin mining takes place in China. It takes a lot of power to mine and transact bitcoins. The Digiconomist estimates that the annual energy consumption by Bitcoin is 34. 34 TWh, which is enough to power over 3 million American homes.
The site also estimates that the average Bitcoin transaction consumes 240 KWh, which is enough to power 8 US households for a single day. The sticking point is that China is a heavy user of coal. China is responsible for a full quarter of all the global power used to create cryptocurrencies. An example of coal powering Bitcoin is that eight warehouses in Erdors, Inner Mongolia, each of which stretch 100 meters long, contain 25,000 computers used for mining.
The entire warehouse operation is based upon coal-fueled electricity. The energy consumption by Bitcoin has led to some alarmist rhetoric. It’s pointed out that those mining Bitcoin consume more electricity than 19 European countries. Predictions are made that doom is descending upon us all due to an endlessly rapacious power hunger from cryptocurrency. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.