The energy cost of mining Bitcoin is higher than the cost of smelting gold.

Using computer processing power to mine Bitcoin requires more energy than mining gold, platinum and other precious metals. In addition, as the popularity of a currency grows, the energy consumption for performing calculations also increases.

Researchers calculated the average energy consumption for mining one dollar in various cryptocurrencies.

They found that mining Bitcoin, Ethereum, Litecoin and Monero required 17, 7, 7, 14 megajoules, respectively. For comparison, mining copper requires 4 MJ, gold - 5, platinum - 7.

Rare earth oxides, used in mobile phones and other electronics, require 9 MJ of energy per dollar of their cost.

Aluminum is an exception; 122 MJ of energy is spent on smelting this metal worth $1.

The impact of cryptocurrencies on the environment is also a concern. As previously reported, scientists have recently published studies stating that “During this period, mining just these four cryptocurrencies caused the release of 3-15 million tons of CO2.”

Another recent study warns that huge mining farms or pools produce the same amount of carbon dioxide as all the machines in the UK combined in a year. Scientists say this could cause a global temperature rise to rise by 2°C (3.6°F) in the next 15 years.

Experts say this level of warming will cause catastrophic droughts, floods and storms across the globe. 

According to dailymail.co.uk