A great number of servers for cryptocurrency mining are being installed in Romania, a phenomenon that could greatly influence the energy sector, the main impact being the increase in electricity consumption, ex-energy minister Razvan Nicolescu said on Thursday.
“A phenomenon that could greatly influence the Romanian energy sector is underway. In our country, more and more servers are being installed for cryptocurrency mining with a major impact on the increase in electricity consumption,” Nicolescu wrote on his Facebook page.
Razvan Nicolescu, a former minister of energy and currently energy & resources industry leader at Deloitte Consulting, urges Romania’s authorities to keep this phenomenon under careful observation.
“Generally, the authorities are showing lethargy and a lack of priorities that start to bother me! Is it good to suddenly increase our energy consumption? What is the impact on the economy? But for the population? Is it okay what’s going on? Is it bad what’s going on?” Nicolescu said.
Experts warn cryptocurrencies use an extraordinary amount of electricity. According to bitcoin analysis site Digiconomist, the bitcoin network now uses more than 67 terawatt hours (TWh) every year – more than the whole of Portugal, Ireland or Peru and close to Czech Republic’s annual electricity consumption.
If this growth rate continues, experts forecast that by July 2019 criptocurrencies will use more electricity than the US.