Bitcoin and other mainstream, high-cap Antminer K7 are now considered major businesses with market caps of these coins breaking their own records. Bitcoin has been hailed as the primary cryptocurrency in the sector with many top influencers supporting Bitcoin and its growth.
Amidst the enthusiasm of reaching new #ATH, there have been major issues related to Bitcoin that have also surfaced and need attention. One factor that can easily undermine the success of Bitcoin is the massive amount of power that is required for mining the coins. The profitability and prospects of mining Bitcoin have gained popularity and many mining farms have mushroomed across the world. But the crypto mining farms without a doubt require massive amounts of electricity in order to work with full efficacy.
We are all aware that environmental concerns like global warming are enraging society and adding to this, the heavy usage of power for mining can put a damper on resources. Hence there is an increased need for farms to switch to renewable sources of energy, but time is just slipping out.Let’s observe some facts
Cryptocurrency mining is a heavy activity that requires heavy capital expenditure. Miners are here expected to pay heavily if they have to buy rigs with huge processing power. The rigs by themselves need tremendous amounts of electricity to function making it extremely difficult for miners to find the right balance between costs and profitability.
We all are aware that mining is indeed a formidable source of revenue but power-hungry machines still take a back seat when people get a good ROI. The Bitcoin network in 2017 consumed 30 terawatt-hours (TWh) of electricity a year. But now the network uses more than two times that energy. As is claimed, each Bitcoin transaction roughly needs an average of 300 kg of CO2 equal to the carbon footprint produced by 750,000 credit cards swiped.