Mining ecofriendly mining of cryptocurrencies. Is this true?

Max Krause and Tabet Tolaymat from the Agency for environmental protection of the United States conducted a study on the order of the British journal Nature Sustainability. The results showed that for the extraction of every dollar in the price of BTC needs more electricity than the extraction of precious metals. The authors of the report called “quantifying the energy and carbon costs for the mining of cryptocurrencies” claim that it was an independent examination, and the customer anything they were not paid.

Testing was not only this digital asset. In the course of work compared with the power required for the production of three more altcoins with big market capitalization. The most energy efficient coin was Bitcoin and Monero. Approximately half of the energy need for mining of Litecoin, and Ethereum.

The study covered the time period from January 2016 to June 2018. In the results it is noted that the extraction of rare earth metals by type neodymium and cerium, as well as precious metals – gold and copper – takes less energy than mining BTC and XMR. In fact, from the point of view of energy efficiency Bitcoin is second only to aluminium.

Biased attitude towards cryptocurrency

However, the researchers forgot to take into account one of the most important aspects. A large part of the mining is concentrated in China. Now this sector is gradually gaining momentum and outside the country. In turn, the operators of the mining farms are constantly in search of the most cheap and clean electricity. So today, more hashing flows to Canada and Iceland due to the presence there of hydropower plants and geothermal sources that can produce electricity without harming the environment.

We will remind, quite recently Dr. Jonathan Kuma denied forecast Nature Climate Change on rapidly growing energy consumption of Bitcoin. Then, the expert assured that Bitcoin consumes no more than 0.1 percent of the world total consumption. More data look at cryptodata.

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