IMF Director: Cryptocurrency Mining is Energy Waste
January 27, 2018
Energy demand for issuing new Bitcoins and other coins may turn to be equal to yearly volume consumed by large countries like Argentina, as IMF Director Christine Lagarde declared.
As she mentioned in the interview , Bitcoin mining is “evil” for power industry as hardware processing capacity used for it is in overdrive.
“… we figure that in 2018 if it continues that system will actually consume as much electricity as Argentina”, Lagarde added.
As reported earlier, power volume consumed by Bitcoin net in 2017 is over 37 terawatt-hours with about 43 terawatt-hours for all cryptocurrencies. In 2018 Bitcoin is considered to consume 3-3.5 times more energy than in 2017 at the current energy consumption rate.
Things are getting from bad to worse with many mining centers located in countries with cheap electricity generated primarily by thermal power stations which pollute the air dramatically.
“In times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine Bitcoin it’s a big concern”, Lagarde notes.