Bitcoin carries the image of a major consumer of electricity. Critics of this cryptocurrency constantly use this argument against it. In this article, we are going to prove to you that, precisely, Bitcoin does not consume that much energy.
Crypto mines use unconsumed electricity
Do you know that the big bitcoin mines (but also other cryptocurrencies) use almost exclusively electricity that is not injected into the network. It is for this reason that more and more cryptocurrency mines are settling in Kazakhstan or the United States. In these two countries, electricity related to mining is inexpensive because the mines only consume electricity that is not intended to be used. The environmental impact of Bitcoin during its mining is therefore not so terrible.
This is due to the method of electricity production. Electricity from renewable sources cannot be stored, whereas wood, oil, coal or gas-fired power plants produce electricity only when they are put into operation. Thus, in Texas, most Bitcoin mines use photovoltaic energy when it is produced in too large quantities. Precisely, Bitcoin mines make it possible to offer a utility to the energy produced until then not used.
The Proof of Work set to disappear?
In parallel with mining, the transaction process with cryptocurrencies could also change. Currently we are talking about proof of work, for proof of work. However, on Ethereum, we are gradually moving to Proof of Stake, 100 times less energy intensive. Cryptocurrencies are thus taking a new step towards becoming an everyday currency, which consumes little energy.
Read also Is it too late to invest in Ethereum, the answer is no, here’s why!
Far from preconceived ideas about the environmental impact of Bitcoin and other cryptocurrencies, these are also, over time, committed to sustainable development!