Bitcoin's global network has a very high energy consumption and consumes over 2.55 GW of electricity to extract this virtual currency. The figure doubled from six months ago and may double by the end of 2018.
It has been reported that rising energy consumption in the world has raised concerns among environmentalists because the world's energy consumption is now equal to Ireland's overall consumption of bitcoin.
The Bitcoin extraction process occurs when computers receive a Bitcoin award through solving very complex issues, and the Blockkin bitcoin uses a proxy of work or PoW algorithm to secure its security.
Until now, it's not a problem, but solving these complicated puzzles requires a lot of energy, and with the pervasive extraction of Bitcoin, this energy is increasing day by day, which has sparked global concern.
Of course, the precise and complete world energy consumption for Bitcoin extraction is extremely difficult because hardware is hotter in the bitcoin extraction process and there is a need for many coolers to cool. So the only energy consumed by computers is not to be taken into account, and other energy is used to make this extraction.
Considering these issues, experts estimate the world's lowest energy consumption of 2.55 GW for bitcoin mining, which is lower than Ireland's electricity consumption.
Estimating the future of the world's energy consumption for bitcoin is a difficult task because it depends on many factors such as the price of bitcoin, the progress of integrated circuits with specific applications, the cost of electricity, the number of new suppliers, local restrictions, and so on, but obviously none of these figures Will not go down. So we have to wait for the global energy crisis due to the extraction of bitcoin.