How Can Bitcoin’s Energy Consumption Problem Be Solved?

Since it first appeared, Bitcoin had its fair share of problems and challenges. The biggest one that is yet to be solved is the greatest of all: energy consumption.

With the growth in popularity, the rise in prices and overall rising of bitcoin in the past year, the amount of electricity used by the network reached incredible heights. It is estimated that a single transaction made with bitcoin consumes a stunning 824 KWh which is enough to power approximately over 400.000.000 Visa transactions or if you would prefer an average household for a whole week. Data shows that the entire network consumed more than 56.37 TWh which is the total electricity used by Israel. It’s a lot, isn’t it?

Because of this, environmentalists became strongly opposed to this cryptocurrency because they are afraid and worried about the carbon footprint that this kind of energy consumption can create.

The way the energy is heavily consumed can be simply explained. It doesn’t matter how many miners are on the network, they are all basically solving the same puzzle but they are doing it independently. This is why so much electricity is wasted. The bitcoin community offered some solutions that might help in solving this problem.

One of the suggestions is to reduce the rewards that miners get when finished mining. This will make mining less profitable and the miners will reduce the amount of computing power. Also, another possible solution is to increase the size of a single block on the blockchain so it can contain more transactions.

Developers are working hard to find a solution that will have to emerge in order for the entire bitcoin community to be satisfied.
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Only time can tell what that solution might be.