Currently, many investors are concerned with Bitcoin’s energy usage and the resources it takes to mine it. Elon Musk has gone on record to state these concerns, but seems to have reconsidered his position recently. With the development of this technology, new ways of mining crypto will make it more efficient in the long run. For example, if we look at the development of computers over the decades, we’ll see that what used to take a room full of hardware in the 1940’s to process one small task, can now be done in the blink of an eye by your smart phone. This is because innovation takes time, in the long run we all stand to benefit from a much more efficient financial system than we have now.
Yes, in the near future the numbers might not look promising. If we look at the following data, this is where we are currently:
University of Cambridge ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) – and it is gradually creeping up on Norway (122.20 TWh).
With that said, there are many people all over the world working around the clock to make the usage of this technology much more efficient. If we look at the example above on the progression of technology, we can say that we are in the beginning stages of the crypto revolution. In other words we are relatively compared to where we were with computers in the 1940’s, but not for long.