The price of Bitcoin soared over the last year, which created a buzz for cryptocurrencies and sparked interest in massive Bitcoin mining operations everywhere. With all these new mining facilities popping up, cryptocurrency mining’s energy usage has also reached new heights. An energy research company based in the UK found that in the year 2017, the amount of electricity used to mine Bitcoin surpassed the annual energy usage of some 159 countries. Moreover, the energy spent globally on Bitcoin mining exceeded the electricity consumption of Ireland and most African nations. Issues that Bitcoin Miners are Facing There are serious problems as far as proof-of-work mining is concerned.
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