Quote:
Originally Posted by jimjamuser
I believe that I saw a show on TV that reported that the servers required to make all the cryptocurrency trades are located in HUGE WAREHOUSES that require LARGE amounts of electrical energy. I don't know any details about this, but if someone could write a post about this, it might be interesting to myself and others.
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It's the mining that takes up all the energy. Not the trading. Once all of the bitcoins have been mined (about 120 years from now) most of that disappears. FYI, only 2 million more bitcoins will ever be mined. 19 million have already been mined.
El Salvador is working on mining bitcoins using thermal energy from volcanos. They are close to issuing Bitcoin backed bonds referred to as "volcano bonds".
More and more mining is done using excess energy that gets wasted otherwise. Flared gas from drilling, excess hydro power that can't be used, etc.
No doubt it uses a lot of energy though.