BITCOIN mining is banned due to its great demand for electricity
Mining Bitcoin and other cryptocurrencies demands a huge amount of electricity, which is greater than the energy needed for the whole system of electric vehicle in 2015. Morgan Stanley’ note stated that Bitcoin mining could use more electricity in 2018 than the entire Argentina. Based on the calculation, electricity needed to mine Bitcoin could be more than is used by the whole system of electric vehicle by 2025. It also said that power for bitcoin mining has already been estimated to use more than 159 countries in 2017. SlashGear claimed that cryptocurrency-related activities can be seen in Plattsburgh, New York (USA), a small town with low-cost electricity. In order to take advantage of the low-cost electricity, mining cryptocurrenies blooms in this area, soon becoming a threat to the city. Cryptocurrency mining uses a huge amount of electricity to operate the system days and nights. It poses a threat to the crypto environment. In Plattsburgh, it also does harm to the consumption and electricity price. Plattsburgh, whose residents are a quick jaunt from the Canadian border, has put an 18-month moratorium on cryptocurrency mining to preserve natural resources, the health of its residents, and the “character and direction” of the city.
HOT: “Russian nuclear engineers arrested for using state supercomputers to mine Bitcoin”
Two engineers of the Russian Nuclear Center have been caught using one of the facility’s supercomputers to mine Bitcoin. This sad story took place in the top-secret Federal Nuclear Center in Sarov, western Russia, where the first nuclear boom was produced during the Cold War by Russian scientists. It should be noted that the Nuclear Center in Sarov cannot be found in any maps. This is one of the top-secret centers, totally separated with the rest of Sarov. Any one who wishes to enter the area must acquire a special permit. The Russian Federal Nuclear Center is located in an isolated town with about 20,000 officers. The center launched its new supercomputer with the capacity of 1 petaflop (the capacity to process one thousand million million operations per second) in 2011. For security reasons, this supercomputer was not intended to be connected to the Internet. It is recorded that two engineers of the Russian Federal Nuclear Center used this supercomputer to mine Bitcoin. Right after these engineers attempted to connect the supercomputer to the Internet, the Federal Security Service of the Russian Federation was alerted and the engineers were caught and detained in time. Coin mining is a method to get free digital coins without the need of purchasing. Of course, it will require other expenses. The stronger your computer is, the higher chance you can mine coin. The Russian supercomputer is obviously too suitable for this operation.
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What is Bitcoin Mining? (In Plain English) - YouTube
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