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Introduction

The skyrocketing price of bitcoin has triggered some doubts about its evironmental sustainability. At the moment the Digiconomist claims the currency is using as much energy as whole Bulgaria, estimated at 100,361,423KWh. Around 0.16% of the world's electricity consumption. And this amount is possible to increase if the price and number of transactions will increase.

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Possible green energy solution: Hydro power

One of the most reliable and cheapest power solutions is hydropower (or water power). The power is derived from running or falling waters energy. The energy is used to spin a turbine, which is connected to a generator. The idea is similar to a bicycle dynamo.

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Using hydropower the price per kilowatt hour is only 2 or 3 cents instead of 12-15 cents. The main drawback of this energy is that its not everywhere available. Some countries like norway, which has the advantage of many rivers and lakes, can derive 99% of its total power production from environment-friendly hydroelectic power.

There are many other renewable green energy solutions to this problem, like biofuel, biomass, geothermal, solar energy, tidal power, wave power and windpower. Some of these energy sources are even more available than hydro power. But hydro power is mostly the cheapest energy supply, which is a must for the possible further growth of bitcoin and other energy consuming cryptocurrencies.

Sources

https://digiconomist.net/bitcoin-energy-consumption

http://www.independent.co.uk/life-style/gadgets-and-tech/the-bitcoin-craze-is-using-up-so-much-energy-a8118486.html

https://www.statkraft.com/energy-sources/hydropower/

https://en.wikipedia.org/wiki/Hydropower