Energy Spent For Bitcoin Mining Reaches Incredible Levels

0

A study on Bitcoin mining reveals that the energy consumed to mine Bitcoin this year has reached record levels. Just looking at the matter from a financial perspective, it appears that with the money miners spend to produce Bitcoin, 21.8 million solar panels can be produced.

Bitcoin is one of the most profitable and risky investment tools of recent times. If desired, Bitcoin can be purchased through stock exchanges, and can be obtained by decrypting, in the simplest terms, with powerful computer equipment. The latest research on this transaction, which is included in the crypto currency jargon as “mining”, reveals that energy consumption from mining has reached record levels in 2020.

The results of a recent study conducted by the Cambridge Alternative Finance Center have recently come to light. According to the study, the miners consumed approximately 7.5 gigawatts of energy this year. In addition, according to this research, a miner has to spend about $ 0.03 to $ 0.05 for 1 kwh of energy. Based on an estimate in March that $ 7,500 is needed to obtain 1 Bitcoin, a miner who earns 1 Bitcoin makes a profit of around $ 4,000.

Bitcoin miners destroy energy generated by 7 nuclear power plants this year

Research on Bitcoin mining reveals that the energy level consumed has serious costs. According to the determinations, the energy consumption of these miners this year was equivalent to the electrical energy produced by 7 nuclear power plants. When we look at the event financially, we come across the fact that 21.8 million solar panels can be produced with the money spent by the miners.

See Also  Historical record in Bitcoin and S&P 500 correlation

Although it seems like we have smeared Bitcoin so far, it should be clearly stated that there are important initiatives on this issue. Because, for example, there is a Bitcoin production center in Kazakhstan with 50 thousand cutting-edge digging devices, and this center is currently dropping energy consumption significantly. Although experts believe that this facility will consume more energy in the future, joint mining in such centers facilitates the mining of Bitcoins and reduces the cost.


LEAVE A REPLY

Please enter your comment!
Please enter your name here