But the surge in bitcoin is not something to celebrate. Alex de Vries, a financial economist, is in cell
Joule, a press Cell Press Journal, quantifies how the soaring price of bitcoin has exacerbated energy consumption and global chip shortages, and even threatened international security.
Vries said that in theory, bitcoin “mining” is essentially a process of acquiring cryptocurrency by solving complex mathematical equations. Any computer connected with the Internet can “mine”. The computing capacity and power cost of equipment become the key to the profit of bitcoin.
With the soaring price of bitcoin, more and more people joined the mining army. It is estimated that from January 11, 2021, the number of times that all “mining” equipment solves this equation per second adds up to more than 150 million power of five, which will consume energy such as electricity greatly.
In Alex de
According to Vries, according to the bitcoin price in January, the whole bitcoin network may consume as much as 184 TWH (1 TWH = 1billion KWH) energy per year, close to the total energy consumption of all data centers around the world. Meanwhile, the energy consumed by “mining” also produced 90.2 million tons of carbon dioxide, which is equivalent to the carbon footprint of London Metropolitan Area in the UK.
Because the “mining” equipment needs long-term high load operation, its life is generally short. However, with the rapid increase of bitcoin, many people will increase the investment of “mining”, which will further aggravate the current global chip shortage, and even lead to the large shortage and price rise tide of automobile, electric brain, mobile phone and other products. Alex, financial economist
De Vries called on government agencies to regulate the value of bitcoin by comparing the special currency trading platform.