The process of mining demands large energy consumption, reaching up to 120 Terawatt hours every year, which is equivalent to around 1% of the world’s energy consumption.
Experts have compared this level of energy consumption to the likes of small countries like Greece, Argentina and Chile who use fewer amounts of power annually. But why exactly does crypto mining require so much energy?
You should have prepared better if you were already going to try to explain to someone how much energy Bitcoin mining actually consumes - so according to research by the
Cambridge Center for Alternative Finance it is 110 Terawatt Hours per year - which is again about 0.55% of global electricity production.
Furthermore, it is twice less than what only one hydroelectric plant in China produces (Yunnan dams 250 TWH), of which as much as 95 TWH was wasted.
If you want the right information read it here - >
Debunking the "Bitcoin is an environmental disaster" argument posted by @fillippone.
In fact, there are now cryptocurrencies that don't require mining at all. Some of the more sustainable options like Cardano, Ethereum and Bitgreen use ‘proof of stake’ to validate their transactions. In the proof of stake process, only validators that have ‘staked’ their coins or have already processed transactions can verify transactions and be incentivised.
Ethereum is POW, and the rest I won't even comment on, this is a board for Bitcoin Discussion.
There are other steps being taken to mine cryptocurrency quickly and use less energy while doing so. For example, the government in El Salvador has recently adopted Bitcoin as their legal currency on June 9, 2021. These are mined using the energy from nearby active volcanoes to promote a more sustainable process.
The biggest nonsense you wrote in this thread, - because it's about the possibility that the energy from the volcano may be used for mining (emphasis on
maybe), and not that El Salvador is using some green Bitcoin that they produce themselves using volcanoes.