DAILY BRIEFING: German factory orders fall 2. THE PRUDENT INVESTOR: Why I’m ditching lousy fund managers diy bitcoin mining machine can’t even beat a robot!
Report warns mining will be 0. In recent months, the bitcoin explosion has seen scrutiny from different sources, including environmentalists. Concerns have been raised over the amount of electricity needed to mine bitcoin. There have been some shocking estimates. 1,000 it started the year at, Digiconomist estimated the power usage consumed to run the cryptocurrency was higher than the entire Republic of Ireland.
Since then, with the digital currency seeing its popularity surging, the strain on the energy network has increased. 2 per cent of global consumption. Consumption is estimated to have almost doubled in the last three months and more than quadrupled in less than a year, leaving environmentalists worried over the impact it is having. Luckily, it’s nowhere near there now but that frightening prospect and potential environmental disaster waiting to happen highlights why some are willing to burn through energy to mine the coins.