Bitcoins Consume More Energy Than All Of Argentina
Bitcoins Consume More Energy – THE Bitcoin is considered the means of payment of the future by a segment of people still in the minority but even more enormous. The value of the cryptocurrency has skyrocketed over the past year, and – while still quite volatile – the system has gained the trust of enthusiasts like Elon Musk.
However, the system that supports Bitcoins is based on dangerous premises for the planet’s future: the IT resources required minting a new virtual currency (or undermining, in the lingo) requires a more significant amount of electricity to all the energy needs of a country like Argentina.
Crazy consumption
The complaint has come these days from researchers at the University of Cambridge: according to the calculations of academics, computers that are scattered around the world and constantly active to calculate the values necessary to obtain new units of the cryptocurrency are consuming electricity during 121.36 terawatt-hours per year.
That’s more than Argentina as a whole and a little less than countries like Norway and Ukraine. This is not the first time that calculations have emerged on the power consumption of Bitcoin derivative assets compared to the energy needs of countries around the world: less than two years, Bitcoins had put Switzerland behind them, and each time the nations that cryptocurrency is leaving behind, there are more and more of them.
Worsening of the situation If Bitcoins Consume More Energy Like This
Given the success of the cryptocurrency, it is unlikely that the value is doomed to decline. As Bitcoin will become stronger at the exchange rate with the dollar and take hold in the economic and financial landscape, one has to believe that more and more people will invest more and more IT resources in virtual typing practices.
In this sense, the manufacturer of automobile’s decision You’re here. Investing a billion and a half dollars in cryptocurrency and accepting payments in Bitcoin could paradoxically turn out to be an environmental boomerang. On the one hand, Elon Musk’s group is investing in technologies for the fight. On the other hand, it Shows bet everything on a virtual currency that relies on complex calculations designed specifically to be inefficient to maintain itself.
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