A recent new report revealed that people who mine bitcoin spend more than 75% of their profits on rising electricity costs
resulting in a large carbon footprint that damages our environment, where bitcoin mining is (BTC) is an electricity-intensive process, and a recent study has shown that a single Bitcoin transaction consumes about 2,165 kWh of electricity that will be used by a normal household in the United States in 74 days.
- According to the CryptoMonday report,
- "Remember that the average family pays about $0.14 per kWh."
- and the size of the expenditure becomes clear," said Elizabeth Kerr
a financial content specialist
"Bitcoin mining is essential for the Bitcoin ecosystem to function and for transaction verification to take place. It helps secure the network. This activity is so important that BTC stimulates miners in cryptocurrencies by rewarding both metals."
- Perhaps one of the basic features of BTC
- the proof-of-action consensus mechanism (PoW)
- is also the headache of everyone mining bitcoin
and PoW requires them to resolve the complex equations of a share of newly mined coins, and Kerr explained that "equations require the use of specialized mining equipment with high computational strength, and the equipment consumes tons of kilowatts per hour. (kWhs), inflating the electricity bills of the miners ".
PoW has also been criticized for its environmental footprint and critics view it as a wasteful and unsustainable cryptocurrency of the universe.
- Studies have shown that its carbon emissions are identical to those of entire countries.
- One study estimates that bitcoin emits approximately 114 megatons of
- carbon dioxide per year, a value similar to that of the Czech Republic.
- Bitcoin isn't widely used, yet it already has a significant carbon impact.
- "itcoin is not mainstream, but it already records a large carbon footprint.
- This fact is what her opponents worry about.
hey claim that wider adoption of the currency will significantly affect the global environment ", and despite strong opposition from some quarters, bitcoin fans still believe in the value of the cryptocurrency. They believe that despite environmental concerns raised by their use, humanity has much to benefit from their wider adoption.
Bitcoin is heading for strong weekly gains!
Today's cryptocurrency market profits were boosted after its previous collapses, led by Bitcoin's most popular digital currency, which climbed above the $ 31 thousand level, despite the latest geopolitical developments negatively affecting the appetite of crypto traders, and Bitcoin now settles at $ 31,599.00.
- Digital currencies, especially bitcoin, have received strong support from Russia's statements revealing that Moscow is studying
- the usability of bitcoin cryptocurrency in international payments
- Russian official Ivan Chepskov, head of the Financial Policy Section of the Ministry of Finance of Russia
- said that serious discussions were currently under way
- On the idea of using cryptocurrencies in transactions related to international settlements.
This boosted bitcoin earnings
to top the crypto market gains during Tuesday's trade, heading for a strong weekly gain of about 8.5% in the cryptocurrency market.
Bitcoin's total market value rose to $603.3 billion, accounting for 45.92% of the total combined market share of digital currencies currently being traded.
Comments
Post a Comment