Bitcoin mining is increasing the power consumption. Significant amount of electricity goes into Bitcoin mining operations which is similar to the energy consumption of probably the whole of countries such as Oman, Morocco, Serbia and Denmark.
The power spent on mining the leading cryptocurrency could supply 9.8 percent of Great Britain’s.
For the other countries that mainly use coal-fired power facilities as a source of energy, the high energy consumption of Bitcoin mining results in high carbon footprint, which is damaging to the environment.
There is definate need of carbon credit exchange due to the increased carbon usage