Energy for blockchain products is one of the main topics of discussion for the development process of the cryptocurrency industry. As Bitcoin mining is very demanding in terms of energy usage and has become even harder to do over time, Bitcoin’s proof-of-work algorithm has been altered in other, less consuming algorithms for new cryptocurrencies. Bitcoin’s influence on the energy sector is hard to overestimate. Bitcoin energy consumption is currently taking more energy than most countries on the planet. This is not just the reason for the large profits in the energy industry but also a warning for the environment, as it is a threat to the climate with an amount of 20 megatons of CO2 emission per year. The reduction of the energy consumption for cryptocurrencies is also an important task as government environmental policies may become an obstacle for the blockchain industry.
The Anhui government is addressing growing electricity demand by shutting down local crypto mining operations.
China shuts down crypto mining in Anhui province
Bitcoin’s total annual electricity consumption has fallen almost 60% since its all-time peak recorded in mid-May, according to industry data.
Bitcoin electricity consumption falls to November 2020 levels: Data
Even Iran's minister of labor has reported electrical disruptions to his home as crypto miners continue to exert demand on the country's power grid.
Licensed Iranian crypto miners ordered to halt production 'altogether'
How to crypto
A guide to Chia Network: farming, building a rig, the hard drive deficit and the future of the project.
How to farm Chia: A guide to XCH token farming using a hard drive
According to the crypto mining firm, the South Carolina facility has been capable of drawing 80 megawatts of power, two thirds of which is produced from zero ca...
Greenidge plans to expand mining operations to South Carolina
Bitcoin itself has seen very little change over time — what has changed is the dominant perception of it.
Bitcoin's evolving narratives make it antifragile
Advertisements for small-scale hydro plants have reportedly surged on Chinese secondhand e-commerce platforms.
Chinese hydropower plants on sale as crypto miners move abroad