Over 75% of Bitcoin miners’ earnings going into soaring electricity costs
Bitcoin miners are spending more than 75% of their earnings in soaring electricity costs, resulting in a significant carbon footprint which is damaging to our environment, a new report revealed on Tuesday.Bitcoin (BTC) mining is a very electricity-intensive process. A recent study has shown that a single Bitcoin transaction consumes about 2165 kWh of electricity which a regular household in the US would use in 74 days."Factor in the roughly $0.14/kWh that an average household pays, and the magnitude of expenditure becomes…