Mining needs far more energy

Victoria SavchukNovember 7, 201821
energy-mining

Recent research, conducted by the scientific journal Nature Sustainability, showed that crypto mining uses more energy than traditional one but their market price is the same.

Researchers from Science and Education Institute at Oak Ridge University from United States Department of Energy have conducted a research to assess how much power is produced while mining in comparison to oxides of aluminum, copper, gold, platinum and rare metals.

Scientists studied the time range from January 2016 to June 2018 and found out that mining of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Monero (XMR) used in average 17.7, 7, 14 or 22 MJ to generate 1 USD accordingly.

mining

In comparison to this, mining of aluminium, certain oxides, cooper, gold, and platinum absorbed 122, 4, 5, 7 or 9 MJ to reach the same indexes. These data show that traditional mining uses less power than crypto mining.

Moreover, the research suggests that energy consumption for 3 in 4 currencies – BTC, ETH, LTC – is enormously increasing. For example, in 2016 BTC needed 17 MJ to generate 1 American dollar, but now it operates 19 MJ.

The report states that energy consumption per dollar will be constantly rising. The scientists have come to the conclusion that over the last 3 years mining was involved in CO2 emissions. Extreme energy consumption is considered to be the main weakness of cryptocurrencies.

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Victoria Savchuk