Quite often, publications that mining bitcoins, due to the fact that it is an energy consuming process that negatively affects the environment.
However, as reported by Bloomberg, the actual damage from mining can be much less than that associated with Fiat currencies and other similar industries.
Data centers, mining and manufacturing cash, consume much more energy than mining bitcoins.
According to Bloomberg, the annual energy consumption from the mining industry 8,27 terawatt-hours per year, which is more than the energy consumption of Ireland and other small countries. However, it is only an eighth of the electricity consumed by data centers in the US, and world production of Fiat money consumes 11 terawatt-hours per year.
Gold mining annually burns 132 terawatt-hours. Moreover, these figures do not include indicators stores, banks, security systems, etc. – all of the infrastructure, which functions with the sole purpose to provide for the safe storage of cash and precious metal.
Environmental impact of bitcoin mining is especially dear to those who believe that it is illegitimate currency. Although mining bitcoin really consumes more electricity than most African countries, the cost of mining in comparison with similar industries is minimal.
In fact, bitcoin consumes less power than its non-digital equivalent.