{"id":404227,"date":"2019-11-13T19:00:57","date_gmt":"2019-11-13T19:00:57","guid":{"rendered":"https:\/\/wncen.com\/?p=404227"},"modified":"2019-11-13T18:45:33","modified_gmt":"2019-11-13T18:45:33","slug":"bitcoin-mining-now-consumes-a-quarter-percent-of-global-electricity","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-mining-now-consumes-a-quarter-percent-of-global-electricity\/","title":{"rendered":"Bitcoin Mining Now Consumes A Quarter Percent Of Global Electricity"},"content":{"rendered":"

Bitcoin mining<\/a> consumes a large amount of energy, and in return for the upfront electricity costs, miners are rewarded with a set amount of BTC for validating each block added to Bitcoin\u2019s blockchain.<\/span><\/p>\n

As the crypto asset\u2019s network grows in size and scale, the more electricity required to power the operation. Bitcoin as a network has grown to be so large, it now consumes a quarter percent of the global electricity supply.<\/span><\/p>\n

Bitcoin Mining Requires Up to 0.25% of the World’s Electrical Supply<\/h2>\n

Bitcoin mining is a complex mathematic process called \u201cproof-of-work.\u201d To ensure legitimacy, each block added to the blockchain must be first validated by this process. As time goes by, the difficulty of mining grows, and it has resulted in the technology required to mine Bitcoin becoming more expensive and powerful.<\/span><\/p>\n

Related Reading | 50% of Population To Use Bitcoin By 2043 If Crypto Follows Internet Adoption<\/a><\/strong><\/em><\/p>\n

In the early days of Bitcoin, mining was as simple as using any normal computer\u2019s CPU. Later on, miners turned to GPUs, and eventually, mining difficulty grew so much that specialty computers designed specifically for mining were created. <\/span><\/p>\n

But as the technology required becomes more powerful, the more electricity is required to power the equipment. And as Bitcoin scales, so does the requirement for more and more energy supply.<\/span><\/p>\n

It\u2019s now reached the point where Bitcoin<\/a> is consuming as much as 0.25% of the entire world\u2019s supply of electricity \u2013 more than many nations.<\/span><\/p>\n

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Bitcoin mining now consumes over 0.25% of global electricity consumption.<\/p>\n

When was the last time this amount of global resources was devoted to rat poison, tulips, beanie babies or any other asset that just disappeared?<\/p>\n

— James Todaro, MD (@JamesTodaroMD) November 12, 2019<\/a><\/p><\/blockquote>\n