Consider other options than Bitcoin.
This was the call of some researchers from the Technical University of Munich as they encourage the regular to look for other options in using the cryptocurrency.
In an August publication date from the scientific journal Joule, some researchers Ulrich Gallersdörfer, Lena Klaaßen, and Christian Stoll concluded that Bitcoin mining is responsible for only 66% of the total power usage of the 20 largest cryptocurrencies by market capitalization.
Based on underlying algorithms, present hash rates, and suitable mining devices, we conclude that Bitcoin accounts for 2/3 of the total energy consumption, and understudied cryptocurrencies represent the remaining 1/3,” the report stated
The study determined the power consumption of altcoins by analyzing their hash rates and mining equipment.
Some blockchains included Ethereum, Bitcoin Cash, Bitcoin SV, Litecoin, Monero, Dash, Ethereum Classic, etc.
Also included are Decred, RavenCoin, MonaCoin, Bytom, SiaCoin, DigiByte, and ByteCoin.
Furthermore, this said that if this can also be accounted for 50% of the energy usage causing environmental concerns. However, the only tested studies refer only to Bitcoin and not to the whole cryptocurrencies out there.
In the discussion, the energy consumption, per se, is not an issue in the context of climate change but the surge of full-load hours of specific generation resources may result to fuel switching effects and change local emission intensities.
As early as 2009, some experts say that mining had the potential to create an environmental nightmare because of energy consumption, even before the creation of altcoins.
If we convert the energy used up by Bitcoin, it will reach up to 63.5 terawatt-hours — colliding the power consumption of several developed countries, including Switzerland.
With this, some of the countries then saw renewable energy resources as the source of power. From various data, it is roughly 73% of BTC mining powered by renewable energy.
An alternative is shown to address the energy consumption of mining crypto is taking excess gas produced while mining oil into electrical power.
Through the establishment of the containers in the fields, pipelines can be reduced. The operations are doing the works to do the surplus gas or oil into electricity to power the mining rigs.
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