How the Cryptocurrency Mining Threatens our Environment Mining Bitcoin and other cryptocurrencies is a very costly process, but the electricity consumption for the environment it demands is not the only problem. Some people even argue that mining could be more dangerous to our environment than fossil fuel energy.
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Bitcoin mining consumes more power than 159 countries
A study from the University of Cambridge estimates that Bitcoin mining consumes more power than 159 individual countries, with the most power hungry nation, Ireland, only consuming half the amount of electricity which threatens our Environment.
It's not just electricity consumption that mining poses a threat to. Experts argue that mining Bitcoin could be more damaging to the environment than using fossil fuels.
Cryptocurrency mining is a process where records of data blocks are stored on a digital ledger known as the blockchain. Mining is done by using computer calculations to solve complex mathematical problems.
What is a blockchain?
A blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
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Cryptocurrency mining is a huge electricity hog. Here's how it works and what you should do about it.
What is cryptocurrency mining? Mining is the process by which new coins are created. It's also the way that transactions are confirmed.
Mining uses a lot of electricity. For example, Bitcoin is estimated to use about 2.55 gigawatts of electricity per year. That's about half of what it takes to power Sweden.
