Crypto is getting popular across the globe. A large number of people have become interested in investing their funds in different cryptocurrencies. Although finance gurus make the most of crypto investment, yet the world is concerned about massive energy consumption. Bitcoin alongside other digital currencies consumes a lot of power that can be used by human beings.
You might not know that just Bitcoin utilizes energy equivalent to a whole small country. That could be surprising for most of us, but that’s true. Bitcoin’s energy utilization has become a hot topic nowadays. A few countries have banned Bitcoin mining because they don’t have sufficient power resources to support this sort of mining.
Miners in China
Recently, China has shown serious concerns in this regard as per the crypto market news. Around 70% of mining machines or miners are currently based in China. These machines keep running 24/7 and consume a lot of power. It’s difficult for miners to beat others because the competition is tough.
According to breaking crypto news from an authentic resource, there are more than 2.5 million miners in the world. The increasing electricity demand of cryptocurrency has created an alarming situation. If things keep going like this, the world may fall short of electricity.
Mining Machines in Containers
In most countries, mining machines are placed in portable containers. The main reason behind this strategy is to move these machines to spots where the cheapest electricity can be arranged for mining purposes. However, the concern is still there.
Elon Musk’s Concern Over Bitcoin Energy Consumption
CEO of Tesla, Elon Musk, has banned Bitcoin just because of its energy concerns. The environment-friendly car company started accepting Bitcoin as a payment method but stopped taking it a few months later. The reason was nothing but rising energy concerns. Elon Musk is likely to take back the decision once Bitcoin’s energy consumption starts decreasing.
Michael is a cryptocurrency blogger who writes about the latest developments in blockchain technology. He has been blogging for over 4 years and his posts have been read by people from all around the world. His blog covers a wide range of topics, such as trading advice, new ICOs to invest in, and how blockchains can be used outside of cryptocurrencies. Michael also enjoys writing about more technical aspects of cryptocurrencies and blockchain technology.