Bitcoin futures trading will dangerously increase the world energy consumption causing Catastrophic climate change. Bitcoin has surpassed $12,000 for the first time amid speculation that bitcoin futures will start trading by Dec.
In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the Cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies.
By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire World does today.
This is an unsustainable trajectory. It simply can’t continue. It’s certain that the increasing energy burden of bitcoin transactions will divert progress from electrifying the world and reducing global carbon emissions.
Bitcoin, created in 2009, excited early investors with its potential use as a global currency, free from bank fees and government control. Transactions take place person-to-person around the world — anywhere there’s Internet access. The cryptocurrency’s price skyrocketed in recent months, surpassing $11,000 this week before paring some gains.
But the rise of bitcoin is also happening at a specific moment in history: Humanity is decades behind schedule on counteracting climate change, and every action in this era should be evaluated on its net impact on the climate. Increasingly, bitcoin is failing the test.
Digital financial transactions come with a real-world price: The tremendous growth of cryptocurrencies has created an exponential demand for computing power. As bitcoin grows, the math problems computers must solve to make more bitcoin (a process called “mining”) get more and more difficult — a wrinkle designed to control the currency’s supply.
Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day. And miners are constantly installing more and faster computers. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined.
New power plants will need to be created in order to meet demands, potentially making it harder to give up fossil fuels as world leaders pledge to reduce reliance on the damaging fuels.
Energy is essential to life. Without it, many billions of people would be left cold and hungry. Is it worth to waste this huge amount of Energy on useless virtual monsters, the Crypto currencies? We must care about our Planet & Civilization rather then running after the virtual commodities which are useless without a sustainable World.