Bitcoin production will consume as much electricity as Holland

By Moris Beracha.-

The entire network for bitcoin mining requires to be running constantly, leading to a large consumption of resources.

The Joule magazine cited a research estimating that by the end of 2018, the mining of cryptocurrencies will account for 0.5% of the total world electricity production, which would be equivalent to the electricity consumption of a country the size of the Netherlands.

Also, this research suggests that this figure could increase significantly up to 1.8%, which is equivalent to all solar panel energy production at present.

Currently, the specialized devices needed to create cryptocurrency consume electricity and in high quantities constantly.

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