Obtaining Bitcoin is a process that requires huge computing power. It’s like a lottery: The first person to guess the winning number correctly wins bitcoin. The valuable number can only be obtained through trial and error, and as of May 2023, the entire farm network produces approximately 350 quintillion (a number with 18 zeros) predictions every second. And since 1 bitcoin is currently worth almost 38 thousand dollars, the temptation to participate in such a contest is quite high.

too much water

In total, there are millions of computing devices in mining farms around the world, mostly in the USA, China and Kazakhstan. The electricity consumption of such farms is constantly increasing and their impact on the environment is becoming more and more harmful. According to March 2023 data, the estimated total energy consumption was 16.2 gigawatts; that is, more than one nuclear power plant would be needed to power all the farms.

Researcher Alex de Vries says Bitcoin’s water footprint has received little attention, but water consumption to support mining farms is also huge. They consume water both directly (for cooling and air humidification systems) and indirectly (the farm needs electricity and its production also uses water).

• According to estimates, 591.2 gigalitres of water were used in 2020 and 1,573.7 gigalitres of water in 2021.
• Each blockchain transaction costs 5,231 and 16,279 liters respectively.
• According to estimates, In the year ending 2023, all farms will need around 2,237 gigalitres (that’s over 2 trillion litres)..

The dangers of this water waste have an ecological impact; for example, farms discharge hot water used to cool equipment into natural bodies of water, increasing temperatures and affecting local flora and fauna.

But the problem with drinking water reserves is even more serious, especially in countries such as Kazakhstan, where there is both a shortage of fresh water and a large number of mining farms. It is predicted that the situation will become increasingly complex due to reduced freshwater availability in various parts of the planet due to anthropogenic impact and climate change.