Bitcoin is accustomed to receiving accusations, especially from the moral field. We are used to the fact that the world of cryptocurrencies is associated with obscurantism, traffic or illegality.
The annual electricity consumption of the Bitcoin mining is about 29.05TWh, which translates into 0.13 percent of the global total. It may not look that much until, in fact, it compares with what each country consumes separately, as Power Compare has done in maps that allow us to prove with amazing effectiveness the phenomenon of this cryptocurrency that still has no limits.
These data are well contrasted, but we should be able to point out some aspects:
1- Although the mining of Bitcoin consumes electricity, being considered a production system, compared to other industries that generate the same volume of business, it is not so high (and remember that more consumption, more security in the Bitcoin network).
2.- The pollutants emitted are lower than any production system, of any industry.
3.- The fact that “No limits” is not exact since it does. Only 21 million Bitcoin can be mined, no more. After this period, consumption should decrease, since it will not generate sufficient incentives.
In addition to these facts, there are other cryptocurrencies that do not need as much electrical power as mentioned, such as NAVcoin, with a POS (proof of stake) mining system and many other currencies that use this system or DPOS (delegated proof of Stake) in order to achieve eco-friendly mining.
Because our world advances to all sides, the social one and also towards the ecology; so, although today the mining production system consumes electricity, does not mean that we as users or our developers are not taking steps faster than any economic system, industry or production system.
Just a question What would happen if we gathered all the banks, with their servers, computers, advertising posters (of those that illuminate the street), with those lights constantly on that cause depression? Do they really want us to think that they spend less than miners?
The difference is that in the world of cryptocurrencies there are many developers who seek a solution and find it, this in a system that was born less than ten years ago. On the other hand, they, their banks and their banks have been more than a century old and have only dedicated themselves to pointing fingers.
Writer by birth, curious by profession … I learn a little more every day from the cryptocurrency.