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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.
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