Friday, December 4, 2020

Tag: Bitcoin Mining Uses a Lot Less Energy Than Mining Gold – Elizabeth Gail (26/09/2018)

Bitcoin Mining Uses a Lot Less Energy Than Mining Gold – Elizabeth Gail (26/09/2018)

by Elizabeth Gail, Sprott Money:

Bitcoin mining is a power-intensive process. However, mining gold apparently requires twenty times more energy in comparison. This is according to Long Hash. However, it is the bitcoin mining power consumption that has led environmentalists to spiral into moral panic.

The industry particularly drew significant attention from the masses after the bitcoin price explosion that occurred last year that sent mining hashrates soaring. The crypto mining fever that followed caused an exponential rise in processing-difficulty, subsequently pushing up power consumption and hardware requirements.