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Bitcoin Mining Exacerbates Environmental conundrum, study Indicates

Bitcoin mining consumes heavy electricity and analysts argue that it exacerbates environmental conundrum. Researchers from the University of Cambridge found that bitcoin uses more electricity than Argentina, UAE and Netherlands.
The online tool used in the research ranked Bitcoin’s energy consumption higher than Argentina (121TWh), Netherlands (108.8) and UAE (113.2TWh). The study revealed that Bitcoin consumed about 121 terawatt-hours (TWh) per year.
Tesla’s decision to invest $1.5 billion in Bitcoin has been criticized by most environmental activists. Critics say that it undermines its environmental reputation. After Tesla announced its bitcoin investment its value surged rapidly. The electric car dealer firm painted a different image of a company whose enterprise is focused on clean energy.
The rate of energy consumption is directly proportional to the bitcoin value; when the price slumps the energy used falls and when the value skyrockets the amount of energy consumption rises. Activists advocate for the introduction of carbon tax on cryptocurrencies in order to control those who invest in Bitcoin.

What is Bitcoin Mining?

Bitcoin mining involves the process of solving complex computational puzzles using specialized computers that are connected to the cryptocurrency network. The computers are mostly working to solve puzzles and this makes them consume lots of electricity.
Analysts argue that the excessive energy consumption leads to more carbon dioxide emissions to the atmosphere. 

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