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Thursday, July 25, 2024

How bitcoin harms the environment due to the danger of mining

he rise in bitcoin prices has proven harmful to the environment, as cryptocurrency mining leaves a large carbon footprint, investory reports. news with a link to CNBC.

Mining produces 36.95 megatons of carbon dioxide per year, similar to New Zealand. And according to Digonomist estimates, it consumes the same amount of energy as Chile – about 77.78 TWh.

Mining a single bitcoin consume the energy, which can provide electricity to a house for a month.

It takes as much energy to generate the code as the whole country uses.

According to Michel Rauchs, representative of the Cambridge Center for Alternative Finance, mining accounts for about 0.5% of total global electricity consumption.The more successful bitcoin becomes, the higher its price. And the higher the price, the more competition, which means more energy is spent on production.

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Edmund Hurtt
Edmund Hurtt
Edmund is an accomplished writer whose diverse portfolio spans across various genres and subjects. With a keen eye for detail and a passion for storytelling, he effortlessly navigates through the realms of fiction, non-fiction, and journalistic pieces. As a regular contributor to City Telegraph, Edmund continues to challenge boundaries and expand horizons.

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