Bitcoin consumes more energy than Switzerland! Can Crypto Go Green?


Hello again.

Did you know that mining Bitcoin and Crypto-currency trading consumes more power than it takes to run some small countries… Incredible but true (estimated by CBECI*). The energy cost of simply running a datacentre is increasing exponentially. So what’s the vision? Is BitCoin going to end up on the shelf of an unsustainable corporate history or will it integrate with a Low Energy Power Grid Plan to catalyse the kind of truly self sustainable business model the world is desperately needing?

Last year we raised the question over BitCoin mining and its energy use. Things have moved on dramatically – and now, just one year on, BitCoin is fast becoming a benchmark for determining the future survival of corporate business transiting toward a people-powered economy. The big question is: Can Crypto Go Green?
This Bitcoin Conversation… (Read on)

Fourteen years ago I learned that Powering IT and the Internet around the world had exceeded the emissions of CO2 from the Aviation Industry. This was the original inspiration for forming Green ISP and Green WebHost all those years ago (how time flies!). Since then we are now facing an ecological crisis that is forcing us to question our use of energy and economy. Now with BitCoin adding to critical emissions at the same rate as the aviation industry, it’s about time to raise the awareness again.

More and more BitCoin mining is being done from datacenters that either offset their CO2 or are powered from Renewables like the datacenters we access in Iceland, Advania. This is helping to offset emissions in a way that has potential for the whole industry of BitCoin and Mining Alternative coins. As with everything else, consumer choice is the lever of industry and all it needs is to meet with vision.

Cambridge Bitcoin Electricity Consumption Index Tool, or CBECI, estimates how much energy is needed to maintain the Bitcoin network in real time.
https://www.cbeci.org/

BlockChain and Crypto have pioneered a new economic choice. But will it become uneconomic to run the system, or as some are envisioning, capable of evolving out of the current crisis to integrate with Low Energy Smart Power Grids – where sustainable business and people centered economy models combine to pioneer a way toward a green future?

There are some who truly believe that it will actually be the issue of powering the BlockChain and Crypto that will lead eventually to a Low Energy Smart Power grid, otherwise Crypto as we know it will end real soon as it will become uneconomic to run the system?
https://www.technologyreview.com/s/609077/how-blockchain-could-give-us-a-smarter-energy-grid/

Also See: http://www.greencoin.org.uk

https://www.bbc.co.uk/news/technology-43030677

https://www.theverge.com/2019/7/4/20682109/bitcoin-energy-consumption-annual-calculation-cambridge-index-cbeci-country-comparison

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