Cryptocurrency Power Consumption: A Burden on the Environment
According to reports from Forbes, Columbia Climate School and the official website of the White House, the total power consumption of cryptocurrency is between…
According to reports from Forbes, Columbia Climate School and the official website of the White House, the total power consumption of cryptocurrency is between 120 and 240 billion kWh per year. This exceeds the power demand of large countries such as Argentina and Australia. From the perspective of currency, the GDP represented by this figure is higher than that of a small country (such as the Bahamas). Bitcoin blockchain is still the largest consumer, consuming more than 161 TWh in 2022 alone.
The total power consumption of cryptocurrency is between 120 and 240 billion kWh per year
Interpret the above information:
The digital currency market has been mushrooming ever since its inception, attracting millions of investors from all over the world. Over the years, the usage of cryptocurrency has increased dramatically, particularly with the rise of Bitcoin, Ethereum, and other digital currencies. While the proponents of cryptocurrencies believe in the decentralized nature of this technology, others have raised concerns over their energy demands.
According to a joint report by Forbes, Columbia Climate School, and the official website of the White House, the total power consumption of cryptocurrency is between 120 and 240 billion kWh per year. This staggering amount of electricity consumption has placed an enormous burden on the environment, with some arguing that it’s not sustainable in the long run.
What’s more concerning is that the energy consumption of cryptocurrency is greater than that of some large countries. For instance, it’s greater than Argentina and Australia combined. Furthermore, the GDP represented by this level of power consumption is higher than that of small nations like the Bahamas.
It’s vital to note that Bitcoin blockchain is the largest consumer of energy in the cryptocurrency market. According to the report, the platform consumes over 161 TWh in 2022 alone. The energy consumption of Bitcoin is higher than the entire energy consumption of countries such as Egypt, Chile, and Ireland.
The report has sparked significant discussions over the adverse impact of cryptocurrency on the environment. In the wake of global warming and climate change, the energy needs of cryptocurrency are comparable to that of a significant air pollution source. According to the report, the carbon footprint of cryptocurrency can never be ignored as it continues to grow each year.
In conclusion, the energy demand of cryptocurrency is a growing concern for environmentalists worldwide. It’s no surprise that their energy usage exceeds that of a significant number of countries, including Argentina and Australia. In light of this, it’s crucial for the cryptocurrency market to seek more energy-efficient solutions to keep their environmental impact minimal.
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