De facto, bitcoin uses significantly less energy than the gold mining system and the banking system, “said Kiril Ganchev, a consultant entrepreneur with experience in building a crypto business in an American-Bulgarian company.
Bitcoin, like other cryptocurrencies, is obtained through a process called mining, or digging, which is done with the help of powerful computers, which in any case draw a lot of electricity to solve complex mathematical equations.
“Let’s say you can’t dig with standard home computers. Specialized computers are used, each of which costs 7-8 thousand dollars and its power is quite large,” Ganchev explained to BNR.
A cryptocurrency is a digital currency that is decentralized and independent of any country or banking system.
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And more data: with the production of electric cars, I Musk states his position on the protection of the environment in which we live, as well as the impact of digging cryptocurrency on climate change. But he himself owns the cryptocurrency bitcoin.
76% of cryptocurrency diggers say they use renewable energy, although a 2020 survey shows that renewable energy is not 76% but only 39% of their total consumption.
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The largest so far is the extraction of cryptocurrency in China. It is estimated that carbon emissions from bitcoin transactions in China are expected to reach more than 130.5 million metric tons by 2024. This amount of emissions will exceed the total amount of greenhouse gas emissions of the Czech Republic and Qatar, experts estimate.
Bitcoin mining currently accounts for 0.69% of the world’s total electricity consumption. Or annually, cryptocurrency digging and transactions consume more energy than all the electricity that Sweden or the Netherlands used in 2019.
With the increase in demand or the use of this type of currency, the consumption of electricity and the damage to the environment will also increase, Ganchev added.
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