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Consumes more energy than using it
Many journalists and academics talk about Bitcoin’s high “per-transaction energy cost,” but this metric is misleading.
Bitcoin’s energy consumption happens during the mining process. Once coins have been issued, the energy required to validate transactions is minimal. Simply looking at Bitcoin’s total energy draw to date and dividing that by the number of transactions doesn’t make sense, most of that energy was used to mine Bitcoins, not to support transactions
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MORE IDEAS ON THIS
The energy it should consume depends on your feeling about it
If you believe that Bitcoin offers no utility beyond serving as a ponzi scheme or a device for money laundering, then it would only be logical to conclude that consuming any amount of energy is wasteful. If you are one of the tens of millions of ...
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86 reads
Bitcoin got hydro power
Bitcoin can make use of hydropower which is not accessible to most. This is one of the reasons why some locations in china are heartlands of mining where production of such energy outpaces demand.
Another source of energy is natural gas which is a b...
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Bitcoin does consume a large amount of energy
According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like
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Energy consumption ≠ Carbon emission
The energy consumption to mine is easy to estimate: You can just look at its hashrate (i.e. the total combined computational power used to mine Bitcoin and process transactions), and then make some educated guesses as to the energy requir...
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The bitcoin protocol & expected reduction in energy consumption
People sometimes assume that bitcoin will commandeer entire energy grids. It likely won't.
First, because the energy mix of bitcoin grows less reliant every year. Eg US is shifting to ESG focused miners and china recently banned coal-based mining.
Sec...
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