The result is not promising because as much as 75 percent of the income that bitcoin miners make goes to electricity bills. This was exposed by CryptoMonday and quite shocking because it only confirms that a very small percentage of miners are still paying off.
More specifically, one BTC transaction consumes 2165 kWh of electricity. The average American household spends that much in 74 days. If it is known that the price for one kilowatt hour in the United States is 14 cents, we arrive at the fact that one BTC transaction costs 303 dollars.
If we put everything together in a broader context, we come to the fact that electricity worth 30 million dollars is consumed daily. And that’s just for processing bitcoin transactions! In total, that’s eight times more than Google and Facebook spend combined.
If we put everything on a global level, we would come to the fact that bitcoin emits 114 megatons of carbon dioxide (CO2) annually. That’s how much the entire Czech Republic spends in total! Because of this, “eyebrows were raised”. Although it is still not mainstream, it already leaves a striking negative mark on the environment.
There are therefore more and more arguments against bitcoin, but there are also counter-arguments. Considering that bitcoin, like the world of cryptocurrencies in general, is in its infancy, a turn into the mainstream would enable technological progress that implies better equipment and therefore significantly less pollution and energy consumption.
Time will tell if that will actually be the case. First, bitcoin and cryptocurrencies must withstand this crisis. Namely, at the time of writing this text, bitcoin was worth HRK 145,353.54 or $20,317.80. At the beginning of 2021, it was at around $60,000 and that says it all…