Enter the terms you wish to search for. A network that underpins the virtual currency bitcoin is projected to require all of the world’s current energy production in order to support itself within three years, according to estimates. The amount of power necessary cost of mining 1 bitcoin worth support bitcoin has increased significantly in recent months, as its price has surged to record levels. 16,500—a twentyfold increase since the start of 2017.
Bitcoin mining—the process of generating new units of the currency by confirming bitcoin transactions on an online ledger called the blockchain—requires computing power, which is used to solve the complex mathematical puzzles used in the mining process. These problems are designed to become more complicated as more computers join the cryptocurrency’s network. Analysis of how much energy it currently requires to mine bitcoin suggest that it is greater than the current energy consumption of 159 individual countries, including Ireland, Nigeria and Uruguay. As mining can provide a solid stream of revenue, people are very willing to run power-hungry machines to get a piece of it. Digiconomist explains in a blog accompanying the index.
The bitcoin network’s energy consumption has increased by 25 percent in the last month alone, according to Digiconomist. If such growth were to continue, this would see the network consume as much energy as the U. 2019, and as much energy as the entire world by the end of 2020. Such a projection is purely hypothetical, and for it to be realized it would require bitcoin to continue its remarkable growth trajectory and for global energy production to remain stable. There has also been debate as to how accurate Digiconomist’s figures are. Cryptocurrency investor Marc Bevand suggests the index overestimates the electricity consumption of bitcoin miners by 1. Going by Digiconomist’s estimates, bitcoin’s annual carbon footprint is close to 16,000 kilotons of carbon dioxide.