Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto currency Mining => Topic started by: RSRS on September 22, 2021, 03:49:52 AM
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According to a recent study conducted by Bloomberg, the amount of energy used for crypto and bitcoin mining purposes in 2021 already outdoes all the energy used in 2020, and we’re not even three quarters of the way through the year.
Crypto Mining Is Using a Lot of Electricity
Some environmentalists are taking this as a bad sign. It suggests that people are not only mining more but may be increasing the carbon footprint that already stems from the mining industry. So far this year, bitcoin mining has surpassed the 67TWh of electricity used over the previous year.
The study explains:
By the end of this year, it looks set to have used 91TWh of energy – as much as Pakistan.
More Information (https://cryptonews.net/en/news/mining/1906371/)
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It means that the popularity of mining is rising up again after the dropped activities since 2019.
Well, it may relate to the condition of this market. 2021 especially the beginning is the starting of the bullish trend at that time. That is why many miners are increasing. Moreover right now, miners from china have been freer to do mining because they re doing it outside of china country
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According to a recent study conducted by Bloomberg, the amount of energy used for crypto and bitcoin mining purposes in 2021 already outdoes all the energy used in 2020, and we’re not even three quarters of the way through the year.
Crypto Mining Is Using a Lot of Electricity
Some environmentalists are taking this as a bad sign. It suggests that people are not only mining more but may be increasing the carbon footprint that already stems from the mining industry. So far this year, bitcoin mining has surpassed the 67TWh of electricity used over the previous year.
The study explains:
By the end of this year, it looks set to have used 91TWh of energy – as much as Pakistan.
More Information (https://cryptonews.net/en/news/mining/1906371/)
So, obviously, the mining of cryptocurrency that has been happened for a couple of years now are becoming
popular all over the places in the world even up to the present. One more thing there are a lot of the community so far, is
now becoming aware of this type of earnings in crypto space.
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this is obvious, more and more people learn about cryptocurrency and mining every day, based on this, the influx into this area is increasing
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What I think this may happen is because we are here in the bullish era. So many more miners are coming here. ANd many companies may increase their activities on mining in order to get more Bitcoin and also other altcoins. We know that if the Bitcoin price is higher, mining can be also more priftable. That is why the spend of electirc may be increasing also
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this is a natural process, since this year many millions of new users have entered the cryptoindustry and therefore they will learn about such earnings as mining and everything is growing
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The consumption of a large amount of energy when mining cryptocurrency and, most importantly, the emission of a large amount of greenhouse gases can become a serious problem in the future. In light of the decisions of the last summit of the G20 countries related to commitments to prevent global climate change, states may well agree to some restrictions on cryptocurrency mining.
So, Sweden has already turned to the EU countries to prohibit the mining of cryptocurrencies using the energy-consuming PoW algorithm. This can negatively affect Bitcoin in the first place. The main thing is that such prohibitions are absolutely real.
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This is not good news. If the amount of energy for mining cryptocurrency continues to increase, states will be forced to prohibit the mining of cryptocurrency with energy-consuming algorithms, and above all with a proof-of-work algorithm. We need to look for more gentle mining methods that would not affect the environment so much. Now states will be forced to regulate all processes that affect climate change and cryptocurrency will have a very difficult time.