As of 26 December 2017, the value of a single bitcoin is over $ 15,000, or close to Rs 10 lakh. This recent rise in Bitcoin price has caused two fundamental shifts. Firstly, people are mining more and more Bitcoin as a result of the high prices, more expensive equipments are used as mining became more and more difficult. Secondly, the consequence of high mining is causing a surge in energy use across the globe, with estimates pointing out that global bitcoin mining now takes up almost as much as energy as the nation of Denmark and more than that of Ireland. According to PowerCompare, U.K.-based energy comparison tariff service, the average electricity used to mine bitcoin this year has surpassed the annual energy usage of some 159 countries. So, does Bitcoin mining lead to a global energy crisis? How much energy does Bitcoin operation consume? According to Digiconomist, the electricity consumed per single Bitcoin transaction is 242.00 KWh which if annualized estimated global mining costs is about $1,743,147,859 or near 2 billion dollars. The estimated electricity used over the previous day is 95,514,951 KWh, that means 0.16% of global electricity consumption. In another perspective, the energy used to mine… Read full this story
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