New Crypto Mining Research Attempts to Sound the Alarm on Bitcoin's Proof of Work Energy Usage

    Crypto Mining Is More Energy Intensive Than Mining Any Other Material

    A shocking report by a British Journal Nature Sustainability shows that in the past two years, cryptocurrency mining has generated between 3 million and 15 million tons of carbon emissions. Additionally, the research even found out that mining Bitcoin requires more electricity than the traditional mining of any other material.

    Mining $1 of bitcoin and Monero consumed more energy (17 and 14 megajoules, respectively), compared to Ethereum and Litecoin (both 7 MJ on average). Meanwhile, the conventional mining of $1 worth various physical metals required less energy — rare earth metals (9 MJ), precious metals (7 MJ), gold (5 MJ), and copper (4 MJ). The only exception is aluminum, which required 122 MJ.

    The co-authors, Krause and Tolaymat, say that during the 2.5-year period, the four cryptocurrency networks (bitcoin, Ethereum, Litecoin, and Monero) generated between 3 million and 15 million tons of carbon emissions (1 metric ton is equivalent to 1.1 US tons).

    “At least for that two-and-a-half-year period, mining a dollars’ worth of bitcoin took about three times as much energy as mining a dollars’ worth of gold. I was shocked to see that the numbers were so high,” Krause stated.

    Although, the report overlooks the point that a lot has changed in cryptocurrency over the course of the examined tenure. Distinctly that mining is rapidly spreading outside of China. With mining rig executives endeavoring into cheapest energy possible. Many have settled in Canada because of the abundant hydroelectric resources or Iceland with its geothermal energy.

    However, the author admitted that the environmental repercussions of a Bitcoin mining are far less than that of a physical metal that needs shaping, transporting, and storing in ways that are not needed for the intangible assets.

    It is important to remember that most transformative technologies start off as being inefficient. We have to iterate it to make it better. For example to deal with Bitcoin’s energy inefficient Proof of Work algorithm can be replaced by proof of stake. Ethereum is already working on this problem.

    Top 5 Renewable Energy Sources to Utilize For Cryptocurrency Mining

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BTC Isn’t a Hedge Against Stock Market’s Poor Returns or Coronavirus But US Dollar & Inflation: BitGo CEO

    In 2020, Bitcoin has been following stock markets religiously, so much so that their correlation went to a new high. But now, the flagship...

    Netflix's ‘Tiger King' Villian, Carole Baskin at The Big Cat Rescue Accepts Crypto Donations

    With the Coronavirus (COVID-19) running rampant in the United States, Americans are drooling over the hot new docuseries on Netflix; “Tiger King: Murder, Mayhem...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.