Mining Bitcoin and other cryptocurrencies is a costly endeavor, burning through resources and racking up sky high electricity bills. Savvy miners, however, are both cutting Bitcoin mining costs and reducing their carbon footprint by going green. Powered by Nature As cryptocurrency miners seek more computing power to handle increasingly difficult computations, many are turning to renewable energy to help reduce the environmental and economic costs associated with the business. According to reports, big-time miners like
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Dutch Bank ING released a report complaining about the energy amount that the average Bitcoin transaction consumes. When it comes to Bitcoin, some people just aren’t happy unless they’re finding something to complain about. The fact that it’s essentially a revolution in finance and individual liberty isn’t important. What is important is what they consider the drawbacks of Bitcoin to be. The most recent example comes from the Dutch bank ING, who just released a report
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Bitcoin’s unprecedented popularity is giving rise to unprecedented consumption of energy to power it – in fact, it’s like powering Sri Lanka. Like Powering Sri Lanka Statistics uploaded to Bitcoin file hosting site Supload show the power needed to keep the Bitcoin ecosystem ticking over and processing transactions is similar to the energy consumption of the whole of Sri Lanka – 20.5 million people. The information was compiled by the newly-launched Digiconomist Bitcoin Energy Consumption
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The financial turmoil wreaking havoc throughout the world is leaving most countries trying to figure out where to go from here. One country that is not encumbered by any of these issues is India, as they are gaining a lot from other countries’ issues. Low oil prices and a growing interest in the Indian stock market paint an interesting picture of how this corner of the world might be getting ready for a financial revolution.