How Much Longer Can Our Grid Handle Bitcoin Miners Demands?
Too Long; Didn't Read
2018 emerged as an emotional rollercoaster for the crypto market. With Bitcoin prices surging as high as $11,235 and bottoming out at around $3,691, it was a year to remember for investors and miners alike. What remained a constant was crypto’s relentless energy demands. In some cases, the Bitcoin network consumed nearly as much electricity as the nation of Ireland <a href="https://www.cell.com/joule/fulltext/S2542-4351%2818%2930177-6" target="_blank">according to a study by Dutch researcher Alex de Vries</a>. De Vries estimates that the Bitcoin network consumes “at least 2.55 gigawatts of electricity currently, and potentially 7.67 gigawatts in the future.” So the question remains, is there a renewable energy solution to offset these extensive costs in the future of crypto mining?