As has been widely documented, mining bitcoin is an energy-intensive process. Data supports that notion. In fact, bitcoin mining is expected to be a major source of global energy consumption this year.
“In the first rigorously peer-reviewed article quantifying Bitcoin’s energy requirements, a Commentary appearing May 16 in the journal Joule, financial economist and blockchain specialist Alex de Vries uses a new methodology to pinpoint where Bitcoin’s electric energy consumption is headed and how soon it might get there,” reports Science Daily.
There is significant room for growth in the cryptocurrency universe. Recent data suggest a small amount of American investors own any digital currencies and, after bitcoin, the numbers of crypto ownership dwindle.
Some bitcoin bulls believe the cryptocurrency can return to $20,000 or even move to $25,000 as soon as later this year. As of this writing Thursday, bitcoin has a market value of $141.32 billion.
Mining Costs And Consumption
Estimates from de Vries confirm that bitcoin mining consumes massive amounts of energy.