Bitcoin Mining can Pollute the Environment

The Great Energy Consumption for Bitcoin has been the debate of the century, ranging from the problem of handling efficiency in the Bitcoin mining process. Data from the Cambride Centre for Alternative Finance (CCAF) data, Bitcoin requires 110 TeraWatt Hours/Years of energy. Equivalent to the energy that small countries such as Singapore and Sweden need for a year.

Is it true that Bitcoin's massive energy consumption can make Mining Pollute the Environment?

Protecting and securing the Bitcoin network by Consuming Electricity

Bitcoin needs electricity to be on the market, as do other valuable assets such as gold that require machines to dig up gold in the earth. The differences in mining gold and Bitcoin are as follows.

If the process of gold mining requires energy to turn brass and separate it from rocks into valuable asset commodities.

If the Bitcoin mining process requires electricity to process turn complex mathematics into a valuable asset.

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How does Bitcoin work?

The electrical energy consumed by Bitcoin is used to secure the Bitcoin network. The result of these safeguards can create new coins. Whenever the Bitcoin network is secure through the proof of work supply system Bitcoin will be mined. Just for information, the total Bitcoin remains 12% more un mined than the total of 21 Million Bitcoins.

Bitcoin miners are the most important factor in the Bitcoin Network, in order for the mining network process to remain secure, it must consume high electricity. The profit from miners is very small, so when they finish mining Bitcoin, they have to sell it to pay for high-priced electricity.

Bitcoin miners will make a profit by reducing electricity costs. Electricity is useful for running miner machines (ASIC), there are many people argue bitcoin mining is not environmentally friendly. Miners are also looking for ways to make the energy used more efficient. As in the US they use natural gas energy flares instead of electrical energy.

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As bitcoin miners in the Dakotas to Siberia do, natural gas extracts can pollute the environment.