Economist Alex de Vries said Bitcoin (BTC) mining will use 0.5 per cent of world energy until the end of 2018.
The day we passed, economist Alex de Vries, who published the article “Bitcoin’s Growing Energy Problem,” told the Independent that Bitcoin (BTC) mining will use 0.5 percent of world energy until the end of 2018.
De Vries stated that this consumption is a major problem for the network, as the BTC network already consumes about 2.55 GW of electricity and is going to consume 7.67 GW in future (reference 3.1 GW for Ireland and 8.2 GW for Austria) and that this problem is growing rapidly.
Lightning Network could mitigate the situation
However, it was noted that solutions like Lightning Network could mitigate this situation.
Bitcoin mining is a business that requires energy. In February, it was reported that crypto mining activities in Iceland will consume more energy in 2018 than in dwellings.
The debate over whether or not bitcoin mining is extremely harmful to the environment is viewed by some as an insignificant issue.
Increased demand for electricity
However, De Vries used the following statements about the environment:
“There is an extreme difference compared to the usual financial system, and this increased demand for electricity will certainly not help us reach our climate targets.”
This scientific study examines the different Bitcoin miners and their individual energy uses in detail.
De Vries uses Bitmain’s Antminer to show how much energy each machine uses over its lifetime.
In addition, De Vries hopes this work will be a start because he believes that the world needs more scientific debate on this issue.
Contrary to all these negative aspects, the technology behind Bitcoin, Blockchain , is used in some cases to alleviate environmental impact.