Power Consumption Problems from Summer Season and Bitcoin Price Increase

The Digiconomist Research Center, which specializes in analyzing the Bitcoin consumption index and the virtual currency industry mining industry, talked about the rising price in the virtual currency market and the correlation between consumption power and consumption power under the topic "Consumption Power Problems with Bitcoin (BTC) Price Increase."

Digiconomist said, "Bitcoin's mining has been revitalized due to the rise in the market capitalization of the virtual currency industry. It also reported that electricity consumption is rapidly increasing compared to bitcoin (BTC) prices.

In general, power consumption has been balanced between stable supply and demand under accurate statistics from countries. However, power consumption is emerging as one of the global problems due to the recent buzz of blockchain and virtual currencies.

That is, it combines a business called "collection" with the goal of community, transparency and decentralization. Just as money can't be used for money without printing it, there's no coin if you don't mine.“

The use of electricity is an essential part of a 24 hour, 365 day mining machine (computer software and hardware using the computer's CPU, GPU, ASIC, etc.).

However, with the expanding mining industry for virtual currencies, where statistics are not accurate, a warning sign is being put on the supply and demand of electricity, which is the basis for all industries and people's daily lives around the world.

For example, global climate anomalies are making it difficult to predict climate disasters. The result is that it is becoming difficult to predict consumption power. Moreover, the environment of Bitcoin price increase is poor, with only the top few companies registered and operated as official industries. Some are even arrested by authorities for the use of electricity for mining.

This issue of power consumption was first proposed at the G20 Policy Research Conference prior to the June 28-29 G20 Osaka Conference, where regulatory and international cooperation on power consumption was needed in addition to the protection of money laundering and investment from cybercrime for cryptocurrency assets.

Currently, mining companies around the world are preparing large quantities of dedicated mining equipment for high performance, but as the report suggests, they need a lot of power. According to the survey by Digiconomist, which runs a platform of virtual currency data, the total amount of electricity consumed was the fastest in the past, coupled with a rise in the price of bitcoin prices.

Therefore, the authorities will need to take thorough countermeasures as domestic consumption power will also be used in time for the hot summer peak season. I also think it's time to pay attention to solving the power consumption problem for the sake of healthy growth in the cryptocurrency asset market in the future.

Reporter Gina Lee (news@dailycoinews.com)의 기사 더 보기

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