The Bitcoin boom has forced the mining sector to try to keep up, as energy and effort invested in the extraction of one piece pay more and more. more. However, the mining sector is also overdriven in search of the elusive price.
The miners sought to gain an additional advantage by trying to reduce their energy costs. This is good for miners, for Bitcoin and for the environment if energy consumption plummets
The cost of a bitcoin
L & # 39; 39 Bitcoin mining industry consumes 22.5 TWh of energy per year, equivalent to 13 239 916 barrels of oil. With 12.5 Bitcoins being exploited every 10 minutes, this means that the average energy cost of a bitcoin equals 20 barrels of oil
It seems like an inodramate amount of oil is spent for the operation of a digital currency, but considering the value of a coin, which is now valued at more than 100 barrels of oil, becomes understandable.
However, despite the lucrative nature of this, there are serious environmental implications for the Bitcoin mining sector. As a result, if the boom continues, there should be plans to try to keep energy costs down.
To put this in perspective, the total energy consumption of Bitcoin mining activities in the world is more than 40 times higher than that required for
Kings of Cheap Electricity
It is not surprising to find that the countries that were considered the mining superpowers of Bitcoin are those who had cheap electricity, or worked
China has long been a mining center of Bitcoin because it has some of the least expensive electricity, but with its position on Bitcoin, Russia is changing its position.
There were plans for the Russian subsidizing for Bitcoin mining, but the socialist country is en route to China's road with regard to its feeling towards Bitcoin.
This led to other countries becoming mining powers
The future of mining seems to be much more ecological and much more efficient and economical. Many mining companies are looking for places like Iceland and Kazakhstan, where temperatures are lower and there is no need to spend money for cooling.
In addition, sources of renewable energy operations. These are beneficial for the factory and for miners because electricity costs much less in many parts of the world.