The development of crypto-currencies can lead to a global energy collapse. - Blockchaintoday.info
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The development of crypto-currencies can lead to a global energy collapse.

 

Recently, a number of studies have been carried out by British scientists on the energy costs of securing the operation of a crypto-currency network. According to these studies, as of this weekend for the smooth functioning of the crypto currency, about 13% of the total electricity produced in the world is used. Such a volume of electricity at the moment is not able to use whole states, such as Nigeria and Ireland.


Now, in order to provide sufficient indicators of speed, reliability and security of crypto-currency networks, the corresponding technical departments need to carry out and test a huge number of complex mathematical algorithms. This fact, first of all, provides for a large number of simultaneously operating powerful computing equipment, which consumes electricians in exorbitant quantities. Earlier, when the mining industry did not have the current pace of development and was not so popular, this factor could not be taken into account, but now it is simply impossible to leave it without attention.

At the same time, increasing the computing power of the equipment, the designers proportionally increase the energy consumption of its operation.

According to the calculations of the researchers, the total cost of all the energy used for mining of crypto-currencies is about 1.5 billion US dollars, while the price of the entire world digital currency is -7.42 billion. The world's entire crypto-currency network consumes electricians as much as it uses it, 1 million inhabitants of the United Kingdom or 2.4 million Americans. The result of the study was the justification of the possibility of collapse of the existing world electrical system due to a significant increase in the rate of electricity consumption by the crypto-currency network.


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