Nothing is going well in the cryptocurrency market. While Bitcoin is at its worst and experts believe it could drop to $10,000 soon. global warming is slowly turning into a hitherto unsuspected foe. As you probably know, Bitcoin mining consumes a lot of energy. Cryptocurrency mining will thus consume about 0.5% of all electricity in the world. That’s 7 times more than Google’s infrastructures consume.
For this reason, countries like Kosovo or China have banned the mining of cryptocurrencies on their territory, which is the fault of too many power outages created. But now, with global warming, a new problem arises. The resulting heat waves also affect electricity consumption. And in particular, Bitcoin mining operations should be paused.
Global warming dealt another blow to Bitcoin
If France is currently going through a crucial heat wave, it is on the other side of the Atlantic that global warming is starting to wreak havoc on Bitcoin. Especially in Texas, the temperature is extreme and severe. It’s above 35 degrees in most states and temperature records will be broken in the coming days. Cryptocurrency mining in the region is therefore becoming more and more complex.
The largest electricity consumers in the region should then suspend their activities, therefore it also concerns the mining of cryptocurrencies. most Texas Blockchain CouncilBringing together several dozen individual crypto companies, it has suspended its operations. same goes for Riot BlockchainOne of the largest mining operations in Texas announced on Twitter a reduction in its operations. Knowing that global warming will not go away quickly, the future of cryptocurrency mining is more uncertain than ever.