Gone are the days of conventional paper money and cryptocurrency has been leading the scene from the last 5-6 years. Though the concept is a bit old, those who bought the Bitcoins around 5-6 years ago are probably enjoying the best profit returns. Bitcoin mining has become more commercial and proper tools and hardware is being designed and released to cope up with its challenges.
Bitcoin And Ethereum
Two of the most commonly found cryptocurrencies these days are Bitcoin and Ethereum whose owners are enjoying the best profit returns. Now for the cryptocurrency mining, special hardware including compute-intensive graphics cards are being produced which obviously consume a lot of electric energy.
According to the Digiconomist reports, the figures of the electricity consumption for Bitcoin and Ethereum mining are pretty dreadful. 4.69 terawatt-hours (TWh) for Ethereum and 14.54 TWh for Bitcoin to be exact. These sky-high figures if combined, are more than that of countries like Jordan, Iceland, and Syria combined.
Figures Are Interesting
If you have a look at the figures released by Digiconomist, they are pretty interesting. If the power consumed by the cryptocurrency mining is saved, it can power the households of almost 1.25 million US families.
The famous financial company Visa says that the energy consumed by mining is almost 27 times as much as consumed by the entire Visa network.
Comparing Them Both
If you compare the power consumption of both the modes of currency, the Bitcoin and Ethereum, the former is much more power consuming than the later one. After all, we are talking about 163 kilowatt-hours (KWh) versus 49 kWh in a single transaction.
Though these figures can be alarming for the energy production companies, there is no stop to them as cryptocurrency is the future of money and backing it off by shutting down the system isn’t going to happen.