The Vicious Cycle of Bitcoins, Global Warming and Power Outages
Science and Economy Blog, Kodoom.com
Like many other countries, Iran is now facing a power generation crisis thanks to a confluence of warmer weather patterns (global warming) and underground Bitcoin extraction factories, both leading to excessive consumption of electricity. Tehran like many other cities is now facing rolling blackouts.
Iran's Chamber of Commerce has estimated that the weighted average temperature in the spring of 2021 across the nation has been about 5 degrees (Celsius) above the seasonal averages in the prior two years (2019-2020). This translates to an additional 7710 megawatts in power consumption across the grid.
What has exacerbated the crisis is the alarming number of underground Bitcoin extraction and mining centers which illegally overload Iran's already feeble power grid.
Since the Bitcoin extraction process generates a lot of heat, the extraction centers require cooling, which consumes additional amounts of energy. As the energy-intensive Bitcoin extraction process becomes more popular across the world, it can only lead to intensification of global warming trends, and a vicious cycle of warming and energy consumption that could paralyze many countries.
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