Some believe that Bitcoin mining (BTC) can consume all the energy in the world. But this is nothing but speculation. Although the consumption of energy for the mining sector is significant, it would be practically impossible for Bitcoin (BTC) to be responsible for the total consumption of electricity.
For transactions to be validated, many cryptocurrencies are based on mining. Algorithms solve mathematical problems to validate transaction protocols involving cryptocurrencies. Most cryptocurrencies require miners to validate their data blocks via blockchain.
Bitcoin Mining (BTC) accounts for only 0.1% of energy consumption worldwide
Investors and companies earn cryptocurrencies through mining. The currency is distributed as an incentive for the operational power used in the mining of a digital asset. This operational power comes from boards and equipment oriented to mining activities that consume a lot of energy. Much of the energy is actually used to cool the equipment that overheats as if we were using it daily to extract cryptocurrencies.
Several voices point out that Bitcoin (BTC) will account for a large part of world electricity consumption. However, the energy consumption generated by mining is practically zero. Corresponds to only 0.1% of total world energy consumption. And at this stage, the extraction of cryptocurrencies will hardly grow 100 times.
Bitcoin responsible for global warming?
According to a recent article, Bitcoin mining (BTC) could even be a cause for global warming and is already responsible for carbon dioxide emissions comparable to those of Austria. But none of this seems to be true according to energy expert Jonathan Koomey. For him, it is very unlikely that mining activity rates will continue to rise to the point of being alarming:
"While I encourage everyone in the electricity sector to monitor Bitcoin as a potential source of new cargo growth, please use caution and avoid misleading media coverage documents on the uncertainties of the underlying data , make it appear that Bitcoin is conquering the world, but in reality it is only 0.1% of global electricity consumption, and is unlikely to continue to grow at recent historical rates. "
Kommey still talks about the voices emerging on new technologies and on the consumption of electricity. The expert said that when the Internet emerged, many rumors said that 10% of all consumption of electricity was generated by computers, which has never been verified at any time.