Is it true that bitcoin mining uses 50% of the world's energy consumption

[Lens1000]

To maintain a balance of the ecosystem, a greener energy will help reduce the depletion of the ozone layer and will help maintain a natural balance of the worlds ecological system

The power deployed in mining the bitcoin is a thing that should raise concern. A recent studies showed that the all the bitcoin mining rig uses 50% of the energy used in the whole world.
The researchers claimed that bitcoin mining used 110 terrawatts/year while the total energy consumed in the whole world is 220terrawatt/ year

This is the reason why the SpaceX billionaire, Elon Musk called for the use of a more environmental friendly energy in the bitcoin mining farms.

Why do you think that the bitcoin mining consume a lot of energy? Or was it as a result of a technological defect?

 

[Alexandoy]

I am not well-versed with mining but I have read some posts in other forums about the heavy use of power by computers when they do mining. But to say that 50% of the world's energy is used by mining would be an overstatement. It is like saying if we stop mining then the energy supply will be doubled.

 

[Good-Guy]

No, Bitcoin does not use the 50 percent of the whole world's energy. According to some studies, Bitcoin consumes "more energy than the entire Argentina". However, Argentina is still only one country and I am sure that it is possible to cover some energy used by bitcoin mining by making more energy. This can be done if we opt for simple ways to create electricity by using oil as some countries like Saudi Arabia do. In short, Bitcoin mining does consume a lot of electricity, however, it is possible to make electricity using natural resources, too.

 

[Lens1000]

I am not well-versed with mining but I have read some posts in other forums about the heavy use of power by computers when they do mining. But to say that 50% of the world's energy is used by mining would be an overstatement. It is like saying if we stop mining then the energy supply will be doubled.

I thought of that figure as been exaggerated but when I read articles of different researchers I couldn't but agree with their findings. Bill gate said that bitcoin mining is bad for human kind . When I mined bitcoin on my pc with a very small hash rate, the heat generated was so much that on had to stop the process . Now, think the heat that will be generated when you mine with high hash rate.

 

[Lens1000]

No, Bitcoin does not use the 50 percent of the whole world's energy. According to some studies, Bitcoin consumes "more energy than the entire Argentina". However, Argentina is still only one country and I am sure that it is possible to cover some energy used by bitcoin mining by making more energy. This can be done if we opt for simple ways to create electricity by using oil as some countries like Saudi Arabia do. In short, Bitcoin mining does consume a lot of electricity, however, it is possible to make electricity using natural resources, too.

I doubt the figure too but honestly, the energy consumption of the bitcoin needs to be addressed
Thanks to some countries that adopted a clean energy for the mining process. They also promised to provide a cheap and environmental friendly energy to power the bitcoin mining farm for miners that are chased out of business by China