Will Bitcoin mining destroy the planet?

This system of increasing difficulty and expense in resources (ie “work” in proof of work) is what makes Bitcoin so secure, even as the price of Bitcoin increases and becomes a target of choice for pirates. If a big company or a national government wanted to disrupt or even shut down the Bitcoin network, it would have to spend a huge amount of computing power and electricity (as well as money, time, and effort) to do it – enough to feed a big country for several years. As a result, to date, the Bitcoin blockchain has never been hacked. Let’s say you agree that the electricity spent on my Bitcoin serves an important purpose, and could end up helping a lot of people. Even so, what worries critics most is the amount of electricity consumed today. bitcoin mines per transaction, and the amount that could increase as Bitcoin becomes more popular. The energy consumption of minors increases or decreases according to the competition between minors and not the number of transactions being validated. This is not the first time people have worried that a new Internet-based technology will eventually kill the planet. In fact, people were saying exactly the same thing about the Internet in the 1990s and 2000s. In the past, critics have been targeting the growing demand for energy-intensive data centers, needed to handle and meet the demands of millions of people. As a result, electricity consumption at US data centers doubled from around 30 TWh in 2000 to nearly 60 TWh in 2005. This growth rate continued in the United States. the centers alone would consume nearly 500 TWh per year by 2020 (more than 8 countries today) and more electricity than the entire United States of today (3 900 TWh per year) by 2035. But that’s not the case. After an average growth of 15% per year between 2000 and 2005, the average annual growth rate has fallen to only 1% per year between 2010 and 2014, and this trend is expected to continue until 2020, when it is expected to reach 73%. TWh. .73 TWh is far from 500 T Why did the growth rate fall so much between 2005 and 2010? In summary, datacenters have become much more energy efficient, especially at the larger high-tech companies such as Google, Facebook and Amazon, with their huge “hyper-scaled” data centers optimized. Today, Bitcoin has the same problems, with only one media even warning that by February 2020, Bitcoin’s electricity consumption will consume as much electricity as the rest of the world. Extrapolations aside, it is actually much more likely that growth in Bitcoin’s electricity consumption will run out of steam over time as the mining sector becomes more energy efficient and more efficient. That does not mean that we should just wait for that to happen. Everyone has a role to play in making this happen as quickly as possible.

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