Energy used in Bitcoin mining has always been a big reason for controversy. Tesla stopped accepting cryptocurrency because, apparently, it was highly inefficient. The anti-Bitcoin gang might also tell you that global warming started in 2009 when Bitcoin was made, and the world will end if Bitcoin touched $100k. But sorry to inform them that this isn’t the case. In fact, the Bitcoin mining council reported that 56% of the energy used in BTC mining comes from renewable sources.
What did the Bitcoin mining council present?
They said that Bitcoin mining is becoming increasingly efficient every day and is powered by renewable energy. In total, 162,194 TWh is generated worldwide for usage, of which almost 1/3rd that is 50,000 TWh is lost due to inefficiency. From this huge number, only 189 TWh is used for Bitcoin mining which doesn’t make it a waste of energy.
In fact, if we take a look at the number of the US, Bitcoin’s efficiency is even more evident. Of the total 10,463 TWh produced in electricity in the US, more than 60% is wasted during transmission. And the entire Bitcoin mining operation uses 2.8% of that entire wasted energy.
So why the noise?
FUDs! have flooded the market to bring down the prices of Bitcoin. This is probably the activity of whales and huge market influencers trying to grab BTC at a lower price by creating market panic. And this is why even after so much data and evidence regarding the efficiency of BTC mining, it has time and again become a matter of controversy on the media.
They say that the energy used for BTC mining can be used for other purposes which are more important. But it is important to understand that mining uses wasted energy. In that case, the idea should be to minimize wasting energy first and then talk against Bitcoin.
What are your thoughts on data provided by the Bitcoin mining council? And do you believe that 56% of the energy used in BTC mining comes from renewable sources? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Binance is being criminalized by Thai regulators.