Bitcoin’s Electricity Use Is Close To Entire Switzerland’s Power Consumption

Bitcoin’s electricity use is not so crazy after all according to the Cambridge Centre for Alternative Finance’s report devoted to macro data about bitcoin and the electricity consumption. More about the released report we read in the latest cryptocurrency news below.

One of the major problems around Bitcoin was the perceived massive energy consumption. However, the new reports state otherwise. The largest cryptocurrency uses more energy than some small countries and this was a major issue for countries around the world. From the data provided two things can be easily noticed. One, the world doesn’t really produce enough energy. The distribution of electricity is not similar to the distribution of wealth on a global scale which means that the people in the more advanced countries have a huge advantage over others. Also, small-scale mining is not really advisable for anyone anymore.

One of the few huge proof-of-work chains that make possible for small-scale and decentralized mining has to be Monero. This cryptocurrency has a modified software which responses to an incoming rash of automated mining equipment which the community didn’t really bother to welcome much. Monero is small compared to Bitcoin but it is not weird at all that the major mining chains could increase the power consumption of the crypto sector.

Legislators and reformists fear that in the near future everyone will have an alternative to the fiat model and cryptocurrency will be dominant rather than money issued by governments. Bitcoin claims to be such a currency that does well everywhere where the dollar fails. Therefore, it is still a delicate balance that the governments have to play to their own.

Bitcoin’s electricity use is not the biggest problem for some countries. Countries like Venezuela and Iran embrace Bitcoin out of necessity and now Cuba is also proving the same point. Others will start accepting it later out of convenience as it is showed by the large scale crypto projects in the Middle East. As noted in the altcoin news, consumer adoption is still dominant in the Western countries but the government’s reception is much more mixed than many alternatives. At some point, the governments will have no choice but to figure out how to deal with crypto once and for all.