Mining costs are comparable to Ireland’s energy consumption. Experts of the PwC Experience Center in the Netherlands found that equipment for the Bitcoin mining and other cryptocurrencies needs 0.5% of all electricity produced on the planet, Joule reports.
“Many who tried to roughly estimate these figures, but none of the colleagues tried to study the production of cryptocurrency from a scientific point of view. For me, even this 0.5% is a very shocking indicator” – said Alex de Vries – one of the authors of that report.
The scientist noted that now at least 2.55 gigawatts of electric power is needed for only Bitcoin mining, which is comparable to the consumption of Ireland (3.1 gigawatts).
In his opinion, the share of electricity consumption by the crypto industry can easily grow up to 5% in case of continued growth in the rates of cryptocurrencies, which is “very bad” for the world economy. Source: sciencedirect.com