This thought has been on my mind for a while now, how much energy does cryptomining consume? Trust me its alot.
Recent study shows that crypto mining consumes more energy than mineral mining to produce the same market value.
Scientists from the U.S. Department of Energy’s Oak Ridge Institute for Science and Education conducted a study to evaluate how much energy is consumed by mining cryptocurrencies in comparison to minerals like aluminium, copper, gold, platinum and rare earth oxides.
The scientists reviewed the period from Jan.1, 2016, to June 30, 2018, and found that the mining of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Monero (XMR) consumed an average of 17, 7, 7 and 14 megajoules (MJ) to generate one U.S. dollar, respectively.
The report states that the energy requirements per dollar will continue to increase. The scientists conclude that over the three years included in study, mining was responsible for 3–15 million tons of carbon dioxide (CO2) emissions.