• Business

    Business Ideas

    ALL
    • In-Demand Businesses
    • Businesses That Never Fail
    • Best Passive Income Ideas for Increasing Cash Flow
    • Essential Tips To Start An Online Business
    • Best Websites To Buy Or Sell An Online Business For Free
    • Everything You Need to Know About Online Selling 
    • Current Business Trends: 9 Things to Keep in Mind
    • How to Open a Coffee Shop Business: A Comprehensive Guide
    • Effective Ways to Start your Business from Scratch 
    • The Main Types And Advantages Of Online Business
    Menu
    • In-Demand Businesses
    • Businesses That Never Fail
    • Best Passive Income Ideas for Increasing Cash Flow
    • Essential Tips To Start An Online Business
    • Best Websites To Buy Or Sell An Online Business For Free
    • Everything You Need to Know About Online Selling 
    • Current Business Trends: 9 Things to Keep in Mind
    • How to Open a Coffee Shop Business: A Comprehensive Guide
    • Effective Ways to Start your Business from Scratch 
    • The Main Types And Advantages Of Online Business

    Tips For A Successful Business

    ALL
    • Creative Business Proposal Ideas for Better Sales
    • Easy Digital Marketing Strategies for Small Business
    • Easy Steps to Develop Effective Time Management Skills
    • ClickUp, Trello or Hive?
    • Best SEO Tips for Small Businesses
    • Lessons Every Business Can Learn From Coworking Spaces
    • The Best Digital Marketing Strategies for a Real Estate Business
    • Useful Tips to Make Your E-Commerce Business Successful.
    • Why Do You Need to Track Your Spending
    Menu
    • Creative Business Proposal Ideas for Better Sales
    • Easy Digital Marketing Strategies for Small Business
    • Easy Steps to Develop Effective Time Management Skills
    • ClickUp, Trello or Hive?
    • Best SEO Tips for Small Businesses
    • Lessons Every Business Can Learn From Coworking Spaces
    • The Best Digital Marketing Strategies for a Real Estate Business
    • Useful Tips to Make Your E-Commerce Business Successful.
    • Why Do You Need to Track Your Spending
  • Money

    Invest Money

    ALL
    • Best Safe Investments
    • Investing In Real Estate
    • How To Invest: Are Your Investment Right Your Age
    • Best Alternative Investments
    • Best Investments To Beat Inflation
    • How To Invest In Collectibles
    Menu
    • Best Safe Investments
    • Investing In Real Estate
    • How To Invest: Are Your Investment Right Your Age
    • Best Alternative Investments
    • Best Investments To Beat Inflation
    • How To Invest In Collectibles

    Banking

    ALL
    • Best Savings Account
    • Best High Yield Savings Account
    • Best CD Rates
    • Best Money Market Accounts
    • Best Online Checking Account
    • Best Banking Apps
    Menu
    • Best Savings Account
    • Best High Yield Savings Account
    • Best CD Rates
    • Best Money Market Accounts
    • Best Online Checking Account
    • Best Banking Apps

    Loan

    ALL
    • Best Personal Loan
    • Best Low-Interest Personal Loans
    • Best Personal Loans for Bad Credit
    • Best Personal Loans for Excellent Credit
    • Best Debt Consolidation Loans
    • Best Student Loans
    Menu
    • Best Personal Loan
    • Best Low-Interest Personal Loans
    • Best Personal Loans for Bad Credit
    • Best Personal Loans for Excellent Credit
    • Best Debt Consolidation Loans
    • Best Student Loans

    Insurance

    ALL
    • Sproutt Life Insurance Reviews
    • eHealth Insurance Reviews
    • Cheap Car Insurance Reviews
    • Embrace Pet Insurance Reviews
    • Best Rideshare Insurance Reviews
    Menu
    • Sproutt Life Insurance Reviews
    • eHealth Insurance Reviews
    • Cheap Car Insurance Reviews
    • Embrace Pet Insurance Reviews
    • Best Rideshare Insurance Reviews
  • Forex

    Featured

    ALL
    • Best Forex Trading Courses
    • Best Forex Academy
    • Best Forex Trading Coaches
    • Best Forex Mentors
    Menu
    • Best Forex Trading Courses
    • Best Forex Academy
    • Best Forex Trading Coaches
    • Best Forex Mentors

    Learn To Trade Forex With Dumb Little Man

    ALL
    • Best Forex Brokers Review
    • Best Forex Trading Software
    • How To Trade Forex
    • How to Read Forex Charts
    • Best Forex Indicators
    • Best Forex Screeners
    • Best Time To Trade Forex
    • Best Forex Trading Tools
    • AvaTrade Review
    • CedarFX Review
    • Forex.com Review
    • Interactive Brokers Review
    Menu
    • Best Forex Brokers Review
    • Best Forex Trading Software
    • How To Trade Forex
    • How to Read Forex Charts
    • Best Forex Indicators
    • Best Forex Screeners
    • Best Time To Trade Forex
    • Best Forex Trading Tools
    • AvaTrade Review
    • CedarFX Review
    • Forex.com Review
    • Interactive Brokers Review
  • Stocks & Crypto

    Stocks

    ALL
    • Best Stock Brokers
    • Best Online Brokers for Stocks Under $100
    • Best Online Brokers for ETF Investing
    • Best Brokers for Mutual Funds
    • Best Online Brokers for Bonds
    • Best Blue Chip Stocks
    • Best Swing Trade Stocks
    • Stages of a Stock Market Bubble
    • Best Stock Investing and Trading Podcasts
    • Best Defensive Stocks to Invest
    Menu
    • Best Stock Brokers
    • Best Online Brokers for Stocks Under $100
    • Best Online Brokers for ETF Investing
    • Best Brokers for Mutual Funds
    • Best Online Brokers for Bonds
    • Best Blue Chip Stocks
    • Best Swing Trade Stocks
    • Stages of a Stock Market Bubble
    • Best Stock Investing and Trading Podcasts
    • Best Defensive Stocks to Invest

    Cryptocurrency

    ALL
    • Best Cryptocurrency Trading Courses
    • Best Cryptocurrency Brokers
    • Best Cryptocurrency Exchanges
    • Best Cryptocurrency Apps
    • Learn about Cryptocurrency
    • How To Earn Cryptocurrency
    • How to Trade Cryptocurrency
    • Best Cryptocurrencies
    • Best Crypto Trading Bots
    • Best Crypto Portfolio Trackers
    Menu
    • Best Cryptocurrency Trading Courses
    • Best Cryptocurrency Brokers
    • Best Cryptocurrency Exchanges
    • Best Cryptocurrency Apps
    • Learn about Cryptocurrency
    • How To Earn Cryptocurrency
    • How to Trade Cryptocurrency
    • Best Cryptocurrencies
    • Best Crypto Trading Bots
    • Best Crypto Portfolio Trackers
  • Health

    Health Conditions

    ALL
    • Macular Degeneration
    • Testosterone
    • Constipation
    • Hormonal Imbalance
    • Stomach Bloating
    • Sleeping Problems
    • Baldness
    • Lower Back Pain
    • Toenail Fungus
    • Mouth Sores
    • Eye Dark Circles
    • Stomach Bloating
    • Headaches
    • Face Acne
    Menu
    • Macular Degeneration
    • Testosterone
    • Constipation
    • Hormonal Imbalance
    • Stomach Bloating
    • Sleeping Problems
    • Baldness
    • Lower Back Pain
    • Toenail Fungus
    • Mouth Sores
    • Eye Dark Circles
    • Stomach Bloating
    • Headaches
    • Face Acne

    Product Reviews

    ALL
    • Diet & Weightloss
    • Exercise and Fitness
    • Beauty and Skin
    • Hair and Nails
    • Strength Training
    • Yoga
    • Dietary Supplements
    • Over-40 Supplements
    • Sexual Health
    • Dental Health
    • Men’s Health
    • Women’s Health
    • Sleep and Dreams
    • Best Weight loss Supplements
    • Best Fat Burner Supplements
    • Best Hair Growth Supplements
    • Best Vision Supplements
    • Best Memory Supplements
    • Best Natural Testosterone Supplements
    Menu
    • Diet & Weightloss
    • Exercise and Fitness
    • Beauty and Skin
    • Hair and Nails
    • Strength Training
    • Yoga
    • Dietary Supplements
    • Over-40 Supplements
    • Sexual Health
    • Dental Health
    • Men’s Health
    • Women’s Health
    • Sleep and Dreams
    • Best Weight loss Supplements
    • Best Fat Burner Supplements
    • Best Hair Growth Supplements
    • Best Vision Supplements
    • Best Memory Supplements
    • Best Natural Testosterone Supplements
  • Relationship

    Blogs and Tips

    ALL
    • Females in Relationship
    • Men in Relationship
    • Dating Tips
    • Finding yourself
    • Marriage Tips
    • Love
    Menu
    • Females in Relationship
    • Men in Relationship
    • Dating Tips
    • Finding yourself
    • Marriage Tips
    • Love

    Dating Guides

    ALL
    • Best Catholic Dating Sites and Apps
    • Best Christian Dating Sites
    • Best Pagan Dating Sites and Apps
    • Best Teen Dating Sites and Apps
    • Best Dating Apps for College Students
    • Asian Dating Guide
    • Japanese Dating Guide
    • Filipina Dating Guide
    • Indian Dating Guide
    • Black Dating Guide
    • Russian Dating Guide
    • Best Free Trucker Dating Sites and Apps
    • Best Dating Sites and Apps for Marriage
    • Best Free Crossdresser Dating Sites and Apps
    • Best German Dating Sites
    Menu
    • Best Catholic Dating Sites and Apps
    • Best Christian Dating Sites
    • Best Pagan Dating Sites and Apps
    • Best Teen Dating Sites and Apps
    • Best Dating Apps for College Students
    • Asian Dating Guide
    • Japanese Dating Guide
    • Filipina Dating Guide
    • Indian Dating Guide
    • Black Dating Guide
    • Russian Dating Guide
    • Best Free Trucker Dating Sites and Apps
    • Best Dating Sites and Apps for Marriage
    • Best Free Crossdresser Dating Sites and Apps
    • Best German Dating Sites

Why Does Crypto Use So Much Energy?

By Dumb Little Man on September 15, 2023

 Why Does Crypto Use So Much Energy?
Cryptocurrency Money
by Dumb Little Man September 15, 2023

Cryptocurrencies, such as Bitcoin, have gained tremendous popularity in recent years. However, one widely debated concern is their significant energy consumption. The reason behind this high energy usage lies in the fundamental technology that powers these digital currencies – blockchain.

Blockchain serves as a decentralized ledger where all transactions are recorded and validated by network participants called miners. These miners compete to solve complex mathematical puzzles, often referred to as proof-of-work.

In order to solve these puzzles, miners need substantial computational power, which usually requires specialized mining hardware known as ASICs (Application-Specific Integrated Circuits). These machines consume large amounts of electricity while constantly performing complex calculations.

Energy Consumption – Bitcoin

ExpressVPN shared in their blog post that Bitcoin’s environmental impact has drawn criticism, and the amount of power needed to mine Bitcoin could sustain the power needs of some smaller countries. Many other cryptocurrencies also have a comparable carbon footprint, but Bitcoin bears the brunt of blame due to its popularity and the inefficiency of its consensus mechanism. 

In the early days of Bitcoin, the energy consumption associated with the cryptocurrency was relatively low compared to that of nation-states. However, as more individuals enter the market and compete to solve complex mathematical puzzles fundamental to Bitcoin’s technology, the energy requirements have skyrocketed. This trend shows no signs of slowing down, and in fact, it is expected to accelerate as more people seek to invest in Bitcoin.

What Can Be Done About Bitcoin’s Energy Problem?

Bitcoin’s energy problem is a pressing issue that demands attention and solutions. As the popularity of Bitcoin continues to skyrocket, so does its ecological impact. 

Switch to Renewable Energy

Bitcoin mining powered by renewable energy has seen a significant decline in recent times due to stringent measures imposed by China. Chinese government aimed to eliminate Bitcoin mining activities within its borders, thereby prompting miners to operate in more clandestine ways. 

In recent years, numerous startups have emerged with the primary goal of mitigating Bitcoin’s significant carbon footprint. These innovative companies are actively pursuing various solutions to make the mining process more environmentally friendly. 

One such startup is LiquidStack, which is focusing on improving the energy efficiency of mining rigs by enhancing their cooling systems. By efficiently lowering the temperature of these machines, LiquidStack aims to reduce the carbon emissions associated with their operation.

Embrace Pre-Mining

Pre-mining is a unique concept in the world of cryptocurrencies, employed by some digital currencies as a means to mitigate the wastefulness associated with traditional mining processes. Unlike other cryptocurrencies, pre-mined coins are not produced through computational algorithms but rather created and carefully released into the market at the discretion of a central authority. 

By pre-creating a fixed amount of coins, cryptocurrency developers can strategically distribute them based on external factors such as market demand or specific events impacting their business ecosystem. 

Introduce Carbon Credits or Fees

Carbon credits serve as official approval from the government granted to companies, permitting them to release a specific quantity of carbon emissions into the environment. These credits are frequently securitized, making them tradeable commodities that can be bought and sold by different businesses. By implementing this system, companies with lower emissions requirements can sell their excess credits to those exceeding their emission allotment.

This approach offers several benefits, including incentives for companies to minimize their carbon footprint. With the potential to profit from selling unused credits, businesses have a financial motivation to reduce emissions below their assigned limit.

Conclusion

In conclusion, the high energy consumption of crypto mining is a result of the complex algorithms and mathematical computations required to verify transactions and maintain the security of cryptocurrencies. While this energy usage may seem excessive, it is important to consider cryptocurrencies’ benefits in terms of decentralization, security, and financial inclusivity. 

Like this Article? Subscribe to Our Feed!

Author: Dumb Little Man

At Dumb Little Man, we strive to provide quality content with accuracy for our readers. We bring you the most up-to-date news and our articles are fact-checked before publishing.

  • Web
  • |
  • Twitter
  • |
  • Facebook
  • |
  • LinkedIn
  • |
  • More Posts(497)

Share This:

  • 0
    Facebook
  • 0
    Twitter
  • 0
    Linkedin
  • 0
    Email
Previous post
Next post

By Dumb Little Man on September 15, 2023

Getting Started With Crypto

Best Cryptocurrency Brokers

There is no doubt that cryptocurrencies are here to stay. These digital currencies have become huge too. Besides, those who got into crypto early are now smiling all the way….

READ MORE

Best Crypto Bots

Automated trading strategies are very popular in volatile markets. Crypto is not any different. As you well know, price action in the crypto world can be very volatile…

READ MORE

Best Crypto Portfolio Trackers

Over the last decade or so, the growth of the cryptocurrency market has been quite remarkable. These days there are hundreds of crypto assets to buy.

READ MORE

Learn About Crypto

Learn About Crypto

We will look at 5 things you should know about the crypto market if you want to start investing in the stock market.






READ MORE

Best Crypto Trading course

We will review 9 of the best cryptocurrency courses out there. Without wasting much time, here are some of the expert-recommended crypto trading courses.

READ MORE

how to trade crypto

We will give you all the details you need to trade crypto including how to get started, how to pick the best coins, and of course some of the places you can buy and sell digital currencies.

READ MORE

MORE ON INVESTING

Best Forex Brokers Review

There are a lot of factors and components involved in trading forex. Forex brokers are an important and inevitable aspect of trading the currency market.

READ MORE

Best Future Brokers

Buying and selling securities or commodities sometime in the future is known as future contracts. Those entities who deal in futures brokerage are known as future brokers.

READ MORE

Best Online Brokers for Options

Whether you are an active or passive investor, there is an options traders platform available for everyone. Many brokers are available with account minimums options available….

READ MORE

crypto INDIVIDUAL REVIEWS

★★★★☆
Gemini
Best For New Trading Investors
★★★★☆
Nexo
Best For Long Term Cryptocurrency
★★★★☆
BlockFi
Best For No or Low Fees
★★★★☆
Crypto.com
Best For Sign Up Bonuses
★★★★☆
Coinbase
Best For Earning Rewards
★★★★☆
Kraken
Best For Crypto Future Traders
★★★☆☆
3Commas
Best For All Skill Level
★★★★☆
Pionex
Best For Low Cost Access
★★★☆☆
Cryptohopper
Best All Around
★★★☆☆
Altrady
Most Powerful Multi-Exchange Crypto Trading
★★★★☆
Binance
Best For Altcoin Trading
★★★☆☆
Gate.io
Best For Professionals
Get daily tips and tricks from Dumblittleman!
Your subscription could not be saved. Please try again.
Success! You are now a Dumb Little Man! :)
Follow us :
Instagram Pinterest Facebook Twitter
Browse
  • Business
  • Money
  • Relationships
  • Health
  • Happiness
  • Languages
  • Lifehacks
About
  • About Us
  • Advertise
  • Become a Contributor
  • Privacy Policy
  • Contact

Legal

The content on Dumblittleman is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor. References to products, offers, and rates from third party sites often change. While we do our best to keep these updated, numbers stated on this site may differ from actual numbers. We may have financial relationships with some of the companies mentioned on this website. Among other things, we may receive free products, services, and/or monetary compensation in exchange for featured placement of sponsored products or services. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors.
© 2021 Dumb Little Man. All Rights Reserved. Privacy Policy · Terms · Advertiser Disclosure
Facebook Twitter Instagram Linkedin

Investing

Stocks

Best Stock Brokers Review

Best Online Brokers for Stocks Under $100

Best Online Brokers for ETF Investing

Best Brokers for Mutual Funds

Best Online Brokers for Bonds

Stocks Blogs: Complete Guides

Forex

Best Forex Trading Course

Best Forex Brokers Review

Best Forex Trading Software

Best Forex Indicators

Best Forex Screeners

Forex Blogs: Complete Guides

Crypto

Best Cryptocurrency Brokers 

Best Cryptocurrency Exchange

Best Cryptocurrency Apps

Best Cryptocurrency Trading Course

Best Cryptocurrencies

Crypto Blogs: Complete Guides

Futures

Best Futures Brokers

How to Trade Futures

Best Futures Trading Software

Best Futures Trading Strategies

Best Futures Brokers

Options

Best Options Trading Course

Best Options Trading Strategy

Best Options Online Brokers

Best Options to Buy

Best Binary Options Brokers

Health

Best Supplements

Best Weight Loss Supplements

Best Fat-Burning Supplements

Best Hair Supplements

Best Vision Supplements

Best Memory Supplements

Best Natural Testosterone Boosters

Best Joint-Pain Relief Supplements

Supplement Reviews

Divine Locks Reviews

Keravita Pro Reviews

LeanBiome Reviews

Juvenon Bloodflow-7 Reviews

RockHard Formula Reviews

ProstaStream Reviews

NitriLean Reviews

Hyperbolic Stretching Review

Dentitox Pro Reviews

Revision Reviews

Relationships

Religious Dating Guides

Best Catholic Dating Sites and Apps 

Best Christian Dating Sites

Best Pagan Dating Sites and Apps

Ethnic Dating Guides

Asian Dating

Japanese Dating

Filipina Dating

Indian Dating

Black Dating

Russian Dating

Other Dating Guide

Best Free Trucker Dating Sites and Apps 

Best Dating Sites and Apps for Marriage

Best Free Crossdresser Dating Sites and Apps

Best Teen Dating Sites and Apps

Best German Dating Sites

Best Tall People Dating Sites and Apps

Money

Banking

Best Savings Account

Best High Yield Savings Account

Best CD Rates 

Best Money Market Accounts

Best Online Checking Accounts

Best Banking Apps

Loans

Best Personal Loan

Best Low-Interest Personal Loans

Best Personal Loans for Bad Credit

Best Personal Loans for Excellent Credit

Best Debt Consolidation Loans

Best Student Loans

Credit Cards

Best Buy Credit Card

First Credit Card Guide

How to Get Out of Credit Card Debt Fast

Best Chase Credit Cards

Indigo Platinum Mastercard Review

Insurance 

Sproutt Life Insurance Reviews

eHealth Insurance Reviews

Cheap Car Insurance Reviews

Embrace Pet Insurance Reviews

Best Rideshare Insurance Reviews

Follow us 
Facebook Twitter Instagram Linkedin
  • About Us
  • Advertise
  • Become a Contributor
  • Privacy Policy
  • Contact
Menu
  • About Us
  • Advertise
  • Become a Contributor
  • Privacy Policy
  • Contact

The content on Dumblittleman is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor. References to products, offers, and rates from third party sites often change. While we do our best to keep these updated, numbers stated on this site may differ from actual numbers. We may have financial relationships with some of the companies mentioned on this website. Among other things, we may receive free products, services, and/or monetary compensation in exchange for featured placement of sponsored products or services. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors.

© 2023 Dumb Little Man. All Rights Reserved. Privacy Policy · Terms · Advertiser Disclosure

You’re our first priority. Every time.

ECG Pte Ltd (www.dumblittleman.com) is an independent publisher and comparison service, not an investment or financial advisor. Its articles, interactive tools, and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment or financial advice. Dumblittleman does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment or financial issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/