Bitcoin carries the image of a large consumer of electricity. Critics of this cryptocurrency constantly use this argument against it. In this article, we are going to prove to you that it is Bitcoin that does not consume so much energy.
Cryptomines use unspent electricity
Did you know that large bitcoin miners (as well as other cryptocurrencies) use almost exclusively electricity that is not transmitted to the network. It is for this reason that more and more cryptocurrency mines are being developed in Kazakhstan or the United States. In these two countries, electricity associated with mining is inexpensive because the mines only consume electricity that is not intended for use. Therefore, the impact of Bitcoin on the environment during its mining is not so terrible.
It has to do with how electricity is generated. Electricity from renewable sources cannot be stored, while wood, oil, coal or gas-fired power plants only produce electricity when they are put into operation. For example, in Texas, most bitcoin mines use photovoltaic energy when it is produced in too large quantities. It is the bitcoin mine that allows us to offer the utility of the generated energy, which until now has not been used.
Will proof of work disappear?
In parallel with mining, the process of transactions with cryptocurrencies may also change. We are currently talking about proof of work, for proof of work. However, on Ethereum, we are gradually moving to Proof of Stake, which is 100 times less energy intensive. Thus, cryptocurrencies are taking a new step towards becoming an everyday currency that consumes little energy.
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Far from preconceived notions about the impact of bitcoin and other cryptocurrencies on the environment, they are also committed to sustainability over time!