Where shall we get electricity?
Digiconomist and Power Compare think that with the current growth pace of electricity consumption for bitcoin mining, which we can see now, by February 2020 all generated electricity will be spent on mining of the first cryptocurrency. That was reported by ITWire.
For example, during the last month, the energy consumption of the industry has increased by 30 percent. A surge of the popularity of the subject and an increase of the complexity of computing blocks can be an explanation of this.
According to statistics, global electricity consumption today is 29.05 terawatt-hours (TW/h, TW/h), which is, for example, about 13 percent of Australia and more than 12 US states` consumption.
As it was previously reported, analyst Citigroup Christopher Chapman said that by 2022 cryptocurrency will become unprofitable because of high power intensity.
It is expected that the deficit and cost of electricity will make business and government seriously engage in alternative sources and developments to reduce consumption.