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Debate about the environmental effects of bitcoin mining has resurfaced following claims by an Australia-based sustainability think tank that bitcoin could eventually consume 60% of annual global electricity production.
According to the Long Future Foundation's website, its calculations are based on the assumption that 1 BTC is valued at £1m, the cost of mining this resource is $500,000 and 3,600 bitcoins are produced every day.
"Bitcoin miners can get power cheaply for $0.05 per kilowatt hour (kWh) which means that they get 20 kWh per dollar spent," notes the website.
According to the Long Future Foundation's website, its calculations are based on the assumption that 1 BTC is valued at £1m, the cost of mining this resource is $500,000 and 3,600 bitcoins are produced every day.
"Bitcoin miners can get power cheaply for $0.05 per kilowatt hour (kWh) which means that they get 20 kWh per dollar spent," notes the website.
Full story: http://www.coindesk.com/think-tank-debate-bitcoin-mining-environment/