Bitcoin [BTC] mining uses additional electricity that would otherwise go to waste, reveals research


One of the biggest arguments levied against Bitcoin [BTC] is that its mining process consumes a lot of energy for something that a lot of individuals say has no value. Maintaining the network took 4.7 GigaWatts of power, which naysayers say consumes more electricity than close to 160 individual countries.

However, research has emerged that shows that Bitcoin mining might not be so bad for the world after all. A study conducted by Coinshares shows that while miners are currently running at a loss, the process may be consuming excess electricity that is taken off the grid and wasted otherwise.

This effectively means that the Bitcoin network is siphoning off existing electricity networks and making use of all the electricity that would otherwise be grounded and waster. This provides a very different perspective than those pushed by the detrimental elements of Bitcoin’s power consumption.

The researchers also state that the network acts as an “electricity buyer of last resort”,…



Read Full Story : AMBCrypto

2018-12-01 13:30:59

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