Cryptocurrencies such as Bitcoin have become mainstream as the value skyrocketed toward the end of 2017. One of the hidden storylines behind the phenomenon of the currency is the massive amount of energy it uses when mining it. Taking advantage of the heat generated from the process, a startup is able to grow plants and food that could add to the value of Bitcoin.
In December, Bitcoin reached its highest value of just over $19,000 US. It’s been incredibly unstable after that time, shooting rapidly up and down. There’s plenty of uncertainty for this decentralized currency, which many still see as a potential investment to make money, but what we do know is that it takes a lot of energy to create units of Bitcoin.
Even though the value of Bitcoin has been falling rapidly lately, which it’s done in the past three years around this time period, energy consumption continues to rise rapidly. According to Digiconomist, global energy usage has gone from just under 35 terawatt-hours in December 16th to just over a record-high of 42.1 terawatt-hours on January 16th.