The mining process consumes massive quantities of power, as is generally known. The Bitcoin community consumes around 100 terawatt-hours (TWh) of power each year, according to Cambridge University. This implies that the Bitcoin community utilizes more energy than the majority of the world’s nations do in a year.
According to Leicestershire Live, Sanjay Singh, 40, was sentenced to prison after stealing £32,000 ($44,000) in energy to mine Bitcoin at two sites in Leicestershire, England. According to Andrew Baxter of the Crown Prosecution Service,
He was in the business to make money from his Bitcoin enterprise but was not honest enough to meet the cost of running the machines required to run the operation
Singh received a 13-month and two-week custodial sentence after first being convicted with two counts of stealing electricity. He was scheduled to go on trial on October 11 but instead pleaded guilty to both charges.
Singh was identified when a power supplier allegedly ordered an investigation into a malfunction caused by his mining operation straining the circuit. The investigation revealed that Singh’s premises had been tampered with, leading to Singh allegedly defrauding the supplier of thousands of pounds in electricity.
In addition to the dishonesty involved, Singh’s approach to both premises left cables dangerously exposed, putting individuals in danger of significant harm.
As a result, the environment suffers a negative – and highly criticized – consequence. As per Cambridge University, renewable energy generation sustains only 39 percent of the total of the Bitcoin system.
According to latest data, the United States now has the greatest share in the market of the world’s largest Bitcoin mining activity, claiming the baton following China implementing mining restrictions.
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