The Bitcoin industry presently needs mining to survive. In order to harness the virtual currency, power must be consumed. While there are already a plethora of mining operations throughout the world, more are likely to appear in the next few years as cryptocurrencies like Bitcoin become more widely accepted.
We're talking a lot of power here. Power Compare, a UK-based company, said the rise in the Bitcoin price is tied to the rise in the power supply, to the tune of 31 terawatt-hours annually. According to a report, that translates to $9.7 billion a year.
Source:bitcoin.com
Mining for bitcoin now constitutes 0.13 percent of the worldwide energy consumption, ranking it the world’s 61st highest power consumer. That's more than most African countries.
Source: Forbes.com
This has to cease at some point and really is a waste of power. There must be a better solution that benefits Bitcoin and the larger cryptocurrency community!