While cryptocurrencies are currently in great trouble due to stock market crashes that greatly weaken the market, the fatal stab could very well come from a hitherto unsuspected foe. Global warming, including its heat waves, is effectively forcing Bitcoin mining operations to suspend.
Nothing is going well for the cryptocurrency market. While Bitcoin is at its worst and experts believe it may soon drop to $ 10,000, global warming is gradually turning into a hitherto unsuspected enemy. As you probably know, Bitcoin mining consumes a lot of energy. Cryptocurrency mining would therefore consume almost 0.5% of all the world’s electricity. This is specifically 7 times more than Google’s infrastructure consumes.
It is for this reason that countries like Kosovo or China have banned the mining of cryptocurrencies on their soil, the fault of too many electricity shortages created. But now a new problem arises with global warming. The resulting heat waves directly affect electricity consumption as well. And in particular, Bitcoin mining operations must be suspended.
Global warming puts another stab at Bitcoin
If France is experiencing a very significant heat wave, it is on the other side of the Atlantic that global warming is starting to damage Bitcoin. In Texas, in particular, the heat is extreme and violent. It’s over 35 degrees in most of the state, and temperature records are sure to be broken in the coming days. Cryptocurrency mining in the area is thus becoming increasingly complicated.
The largest consumers of electricity in the area must therefore suspend their activities, which therefore also concerns cryptocurrency mining. the Texas Blockchain Council, which brings together several dozen individual cryptocurrency companies, notably has suspended its activities. The same goes for the Riot blockchain, one of the largest mining operations in Texas, which announced on Twitter a reduction in its business. Knowing that global warming is unlikely to disappear quickly, the future of cryptocurrency mining is more uncertain than ever.