For a long time, bitcoin mining has been criticized for its low efficiency and high power consumption Now, a new study says that electricity is actually the largest contributor to bitcoin mining costs. According to a cryptomonday report, for some people, the power cost of bitcoin mining may be prohibitively high. The report added that for every $4 earned by bitcoin miners, $3 was used to pay for electricity.
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Mining a bitcoin may consume up to 2165 kilowatt hours of power. According to a study, an Indian family consumes an average of 5.7 kilowatt hours of electricity per day, that is, an ordinary Indian family needs 380 days to consume the electricity equivalent to that required to mine a bitcoin.
For a long time, people have been worried about the adverse effects of cryptocurrency on the environment. Although the cryptocurrency community is studying solutions to reduce the impact of "mining" on the environment, there is still much room for progress in this regard.
It is estimated that bitcoin mining emits 114 million tons of carbon dioxide per year. This is equivalent to the annual carbon dioxide emissions of the Czech Republic, which has nearly 11million people.
In contrast, the global carbon dioxide emissions from bitcoin mining exceed 4% of India's total carbon dioxide emissions, and India's population is close to 1.38 billion.
Other estimates indicate that bitcoin mining consumes 127 TWH of electricity per year - equivalent to Norway's annual electricity consumption.