Bitcoin price surge could be ruining the environment because it uses so much energy
Surging bitcoin prices have left many people feeling rich and many more regretful that they didn’t buy into it when it was much cheaper. But it might be having a much more damaging effect on the world, too.
The sheer amount of computing power and energy required to run the bitcoin economy means that the surging prices could literally be damaging our planet, experts have warned. And as the price of the cryptocurrency surges, that problem is likely to get worse.
Already, the power used to mine bitcoin around the world takes up more energy than 159 individual countries. And each bitcoin transaction uses the same amount of energy required to power a US household for nine days, according to Digiconomist.
Bitcoin has been praised for the way that it is has created a currency specifically designed for computers and the internet. The currency is mined using computers that can generate more money by doing complicated calculations, and payments are verified by using specific technology called the blockchain that spreads the ledger of money all across the world.