What Is Bitcoin Mining?
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| Cryptocurrency mining consumes large energy |
A United Nations study stated that devices for mining the digital currency "Bitcoin" consume amounts of electricity greater than the consumption of many populous countries such as Pakistan.
According to a study prepared by researchers at the United Nations University for Water, Environment and Health in Hamilton, Canada, expectations as of last July indicate that the digital Bitcoin mining industry needs 135 million terawatts during 2023.
According to the results of the study published in Earth's Future magazine, the majority of the electricity used in "Bitcoin Mining" comes from "fossil fuels" that cause global warming, which means that Bitcoin's impact on the environment and climate is very strong.
We find that Bitcoin mining is referred to as "digital gold" as it is done through blockchain technology in which data is stored as an encrypted block that is serialized across a large group of server computers.
Cryptocurrency mining devices then verify each transaction and generate a data block that is added to this chain, which consumes a large amount of electricity due to the huge amount of data processed in each transaction.
What are largest countries that consume electricity in Bitcoin mining?
The countries that consume the most energy in Bitcoin mining are:
China, the United States, Russia, China, Malaysia, Ireland, Iran, Thailand, Sweden, Norway, Singapore, and Britain as the world's largest countries consuming electricity in Bitcoin mining.