The other side of Bitcoin is that it consumes energy similar to Argentina and is harmful to the environment
The rise of the world's most famous cryptocurrency Bitcoin has accelerated over the past few days, reaching record levels not previously reached, but this increase has another impact on the environment around the world.
The price of Bitcoin today at 2:00 PM reached $ 57,000, an increase of 2.02% compared to yesterday.
Formation has received support from a number of international institutions, companies and businessmen during the recent period, including support for its continuation of the rise that it began in 2020, coinciding with the repercussions of the emerging Corona virus crisis.
Despite all this rise, Bitcoin is not without problems if central banks around the world consider it illegal and have no financial basis. Besides, it is considered environmentally unfriendly.
Energy consuming
“It consumes more electricity in the form of electricity annually than all of Argentina,” concludes an analysis of the University of Cambridge.
Analysis posted on the University of Cambridge website indicates that cryptocurrency mining is hungry for energy.
The mining process is known to be the implementation of mathematical equations by computers with very high capacities, which makes them a greater consumer of electricity.
According to Cambridge analysis, Bitcoin consumes about 121.36 terawatt hours of electricity per year, and the research is not likely that this amount will decrease unless the currency's value depreciates.
The higher price provides a greater incentive for Bitcoin miners to operate more and more machines and consume more electricity.
If it was forming a country, it would be among the top 30 energy consuming countries around the world, as it consumes more energy than Argentina.
The energy used in Bitcoin mining could power all "water boilers" in the UK for 27 years, according to Cambridge figures.
The amount of electricity consumed each year by permanent home appliances in the United States could run an entire Bitcoin network for a year.
Takween also has similar carbon emissions to New Zealand, producing 36.95 megatons of carbon dioxide annually, according to the Digiconomist Bitcoin Energy Consumption Index, an online tool created by data scientist Alex de Faria.
Two weeks ago, Tesla Electric Vehicle Company announced that it had bought Bitcoin worth $ 1.5 billion to further diversify and maximize returns on its funds, and would begin accepting payments in currency for its products, in accordance with applicable laws, initially on a limited basis.
The news brought Tesla's owner, Elon Musk, to harsh criticism, because his company describes itself as environmentally friendly because it produces cars that run on electric power, not fuel.
David Gerrard, author of Attack of the 50 Foot Blockchain, described this decision that Musk has thrown away a lot of the good work his company has done to promote the energy transition.
He told the BBC that it was just too bad that literally all that energy was wasted in the lottery.
