Crypto Mining Takes More Power Than Precious Metal Mining

November 7, 2018

Max Krause and Thabet Tolaymat are American scientists who conducted a research and found out that power consumption rate required for digital currency mining has exceeded that necessary for precious metal mining.

As the researchers stressed, crypto mining implies tremendous electricity volumes (about 44 terawatt hours a year) which is comparable to annual power consumption rates of Ireland or Hong Kong.

Noteworthy is that many are convinced that mining is rather environmentally-friendly issue but this is far from it as the main power sources today remain gas and coal which will have its adverse ecological effect. For instance, over the whole period the four major cryptocurrencies have been mined about 15 million tons of carbon dioxide (СО2) have been injected in the atmosphere.

As Krause and Tolaymat wrote, acquiring goods for digital currency is good, but people must keep it in mind how heavy the price for these innovations may be.

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