Saturday, May 23, 2020

Bitcoin’s Shocking Energy Consumption — Haley Zaremba

When it comes to thinking about which economic sectors and industry niches that consume the most energy, cryptocurrencies may not immediately come to mind. But for some of these crypto companies, their energy and carbon footprints are not just considerable, they’re massive. The most famous example, Bitcoin, has an annual energy footprint slightly larger than the entire nation of Switzerland. The company’s current energy consumption can be tracked here.
Last year, the University of Cambridge created an online tool that allows users to compare the boggling energy consumption of Bitcoin to other entities. At the time that this platform debuted, the tool estimated that “Bitcoin is using around seven gigawatts of electricity, equal to 0.21% of the world's supply,” according to a BBC report. This shocking figure translates to “as much power as would be generated by seven Dungeness nuclear power plants at once.”...

4 comments:

Joe said...

A few years back, a guy I know had a rig setup for bitcoin mining. He calculated out how much power it uses, how much heat it gives off, and how much less he can heat his house in winter and how much money he actually makes off the thing.

He thinks cryptocurrency will take over. My bet is it'll never be anything more than it already is.

Peter Pan said...

There is no hope for the human locust.

S400 said...

You’ll never hear the bit coin religious people talk about the massive energy problem it brings. The answer to that is always “in the future...”.

S400 said...

Talk about bloat ware.