As many people are happy and celebrating as Bitcoin goes up the records and moving to $10,000, there are people who are recommending cation on the same. This time around it’s not about fearing a bubble but the environmental impact in the long term. Electricity consumption levels could be dangerous for the environment.
According to a report from the Guardian, miners use so much electricity such that the electricity used by the miners is more than that used by the entire Republic of Ireland. The amount of electricity is also more than that used in other 18 European countries. More to that the electricity is more than the one produced by Europeans biggest wind farm.
Electricity consumption could still go up
The will go to the direction that because the price of Bitcoin is going up the reward for mining will also go up. This means that when the reward for mining is high, more miners will join the business. This will be determined by the number of transactions which is expected to rise and will rise in proportion to the value of the currency. So the rise will dictate the number of miners required.
Blockchain technology which is the mother of Bitcoin is largely be used due to its effectiveness. This adoption is also promoting Bitcoin which is now slowly moving to the mainstream. Bitcoin becoming the main street may have several effects. One of them is that it’s likely to be adopted by many companies as a payment method which would mean there will be many transactions. The second effect is that mining methods may change as big companies may decide to start mining. This means that the number of required miners would go down.
With everything going up one thing cannot be left behind, and that’s the electricity consumption which is used for mining. The current level of electricity consumption in mining is so huge. It’s not environmentally friendly at all. It would be a huge step if there was the introduction of green mining. This would be a huge step if it was adopted in the cryptocurrency world from 2018 going forward. Environment protection is very important.