The Thirst of Cryptocurrency: One Bitcoin Transaction Uses Entire Pool of Water.
According to Alex de Vries, the global water crisis is getting worse due to the extensive water used in bitcoin mining, especially in areas that are prone to drought. He highlights the difficulties in putting his suggested remedies—such as the use of renewable energy—into practise.
Amidst the worldwide water crisis, mining cryptocurrency consumes a lot of water, and this demand could increase. The first thorough assessment of Bitcoin’s water consumption is provided by financial economist Alex de Vries in a commentary that was published on November 29 in the journal Cell Reports Sustainability. He cautions that if it is allowed to continue operating UN restricted, its sheer size may have an effect on drinking water, particularly in nations like the United States that are already experiencing a water shortage.
“A large portion of the
Freshwater is becoming a more scarce resource as a result of the global droughts, according to de Vries, a PhD candidate at Jerri University Amsterdam. “I think reality is really painful if we keep using this valuable resource for pointless computations.”
Utilising Extensive Resources for Bitcoin Mining
Electricity consumption has been the main focus of prior research on the resource consumption of cryptocurrency. Miners compete globally to solve mathematical puzzles on the internet in order to mine Bitcoins, the most well-known cryptocurrency. The winners receive a portion of Bitcoin’s value. Miners on the Bitcoin network guess approximately 350 Quintilian times a day—that is, 350 plus 18 zeros—which requires a massive amount of processing power.
The correct response appears once every ten minutes.
And the remaining data, inquisitions of them, are calculations that are discarded right away since they are useless, according to DE Tries.
Large data centres use a lot of water to cool their computers during the same process. De Vries estimates that the mining of Bitcoin in the United States uses between 8.6 and 35.1 gigaliters (GL) of water annually based on data from earlier studies. Coal- and gas-fired power plants use water to reduce temperature in addition to cooling computers. This allows the computers to run on electricity. There is no way to repurpose this cooling water since it has evaporated. The water footprint of Bitcoin’s power consumption is further increased by water evaporating from hydro power plants.
Pool of Water One Bitcoin Transaction Uses Thirst of Cryptocurrency
Concerning Water Consumption Worldwide.
- According to DE Cries, the global mining of Bitcoin is expected to have used more than 1,600 LG of water in 2021. The average water usage for a transaction on the Bitcoin blockchain is 16,000 litres, which is equivalent to filling a backyard swimming pool or 6.2 million times more than a credit card swipe. According to DE Tries, Bitcoin is predicted to use 2,300 LG of water by 2023.
- The annual water consumption of Bitcoin mining in the United States ranges from 93 LG to 120 LG, which is comparable to the average water usage of 300,000 American homes or a city the size of Washington, D.C.
- Correlation between Price and Environmental Impact
Despite the recent collapse of several major markets, the price of Bitcoin recently rose and reached its highest point of the year. - platforms for cryptocurrencies. According to DE Tries, there will be grave repercussions from this since the price directly affects the environment. “The most excruciating aspect of mining cryptocurrencies is the amount of computational power and resources required, which aren’t being used to build models like artificial intelligence that can be applied to other tasks. It is merely performing pointless calculations.With each coin worth more than $37,000, Bitcoin is still growing in popularity worldwide. An increase in Bitcoin mining operations will exacerbate the issue in Central Asian nations where the arid climate is already placing strain on the availability of freshwater. In 2021, Bitcoin transactions in Kazakhstan, a major hub for cryptocurrency mining, used 997.9 GL of water. The region of Central Asia.
Possible Remedies and Conundrums.
- According to DE Tries, methods like changing the software used in Bitcoin mining could reduce the amount of water and electricity required for the operation. Water usage can be decreased by utilising renewable energy sources like solar and wind that don’t require water.
- However, are you really willing to use solar and wind energy for cryptocurrency? There is a limited supply of renewable energy, even in the United States. It is possible to convert some of these renewable energy sources to cryptocurrency, but doing so will require the use of fossil fuels for another purpose. He says, “I’m not sure how much you gain.”
- Citation: Alex DE Tries, “Bitcoin’s growing water footprint,” Cell Reports Sustainability, November 29, 2023.
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