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Altcoins, one third of mining consumption is attributable to them

This was revealed by a German study

The theme relating to energy consumption related to mining di cryptocurrency continues to be much debated. The levels reached over time, in fact, begin to arouse not a little concern, in a historical moment that sees governments moving in the direction of energy transition, in order to limit the emission of pollutants.
A debate which, however, is vitiated by a similarity, that between Bitcoin and consumption, which does not take into account real data. All of which indicate in approx one third of the complex the contribution of Altcoin.

Altcoin - Altcoin, one third of mining consumption is attributable to them

Data from the Technical University of Munich on Altcoins

The figures were revealed by Ulrich Gallersdörfer, Lena Klaaßen and Christian Stoll, researchers of the Technical University of Munich. They did so in an article contained in the latest issue of the scientific journal Joule, released last August 4th. In which they claim that only 66% of the electricity used by the first 20 crypto by market capitalization is used on the Bitcoin network.
To this data, the German researchers added a consideration, that relating to the fact that the figure further aggravates the situation. Indeed, the amount of energy used by BTC would already be capable of causing considerable damage to the environment.

A long-standing concern

The team of researchers of the Technical University of Munich therefore returns to stir a concern of no small importance. Also in consideration of the fact that the consumption in question seems destined to increase over the next few years, unless an evolution of the machinery necessary for the mining able to mitigate the necessary workload.
A concern which, moreover, is of long standing. Already in 2009, in fact, a Bitcoin pioneer, Hal Finney, had sounded the alarm about the implications of mining. An alarm that, at the time, did not take into account Altcoin mining, the figure of which is very high, as we have seen.

How to try to remedy the situation

Second Digiconomist, the mining network for Bitcoin currently uses around 63,5 terawatts per hour. This is a higher figure than that of many developed countries, and is therefore such as to worry the authorities. And advise them to carefully monitor the situation, as happens for example in Iran.
Precisely for this reason, in recent years we have begun to think about the best way to limit such consumption. Among the possibilities that emerged, the one relating to conversion of excess gas produced in oil extraction processes. This is in addition to the use of power plants, already in vogue in the United States. In the region of Finger Lakes in New York, in fact, Atlas Holding manages to get around 50 thousand dollars every day from the extraction of Bitcoin. To do this, it uses the electricity produced internally by 7 thousand devices installed at the Dresden site, in the hinterland of the Big Apple. Initiatives of this kind could intensify over the next few years, alleviating a problem which, however, continues to be strongly felt. Especially in the light of an increasingly widespread ecological awareness. The same that was exemplified by the environmental strike promoted at the environmental level by Greta Thunberg. Consider the expectations on one mass adoption cryptocurrencies, stringent answers are now needed. Without them, the situation could become critical.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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