- Bitcoin rigs presently operate extensively in nations where fossil fuels are predominant.
- Elon Musk declared that buyers could no longer pay for a new automobile using BTC.
As of the current moment, the most common criticism against Bitcoin is that it uses too much power. A single Bitcoin transaction may use up to 1752.79 kilowatt-hours (KWh) of electricity on average, according to Digiconomist’s Bitcoin Energy Consumption Index.
1.8 million VISA transactions use the same amount of power. VISA is one of the world’s leading payment processors, with MasterCard, Discover, and American Express, accounting for around 42 percent of the global credit market. Its carbon impact is still less.
The quantity of greenhouse gases produced by Bitcoin mining is similar to viewing 138,762 hours on YouTube or, returning to VISA, 1.8 million transactions. Moreover, during the course of a year, Bitcoin mining consumes the same amount of electricity as the whole country of Sweden. Since the majority of energy generated in Sweden comes from renewable sources, Bitcoin rigs presently operate extensively in nations where fossil fuels like coal are the predominant source of power generating.
Difficulty For Miners
The reason governments like China do not want Bitcoin miners inside their borders is because of this. The government’s sound of crackdowns on the crypto business was motivated by environmental concerns. For Elon Musk to declare that buyers could no longer pay for a new automobile using Bitcoin, he cited the same argument.
Kazakhstan, China’s neighbour and a nation where Chinese Bitcoin miners were expected to set up the business after being banned, isn’t too thrilled with the amount of energy Bitcoin sucks up either. So in a move, the government imposed a “surcharge” on individuals who use power for cryptocurrency mining.
