Bitcoin is consuming as much energy as the country of Ireland
2018-05-21, 05:16 PM,
In addition to being insufferable, Bitcoin is also absolutely terrible for the environment. According to a letter published today in the energy journal Joule by financial economist and blockchain specialist Alex de Vries, the Bitcoin network is consuming roughly 2.55 gigawatts of energy annually, at the absolute minimum. To put that in context, that’s nearly the same amount of energy consumed by the entirety of Ireland. That’s just the conservative current estimate; De Vries predicts that by December, the Bitcoin network could be using almost triple that.

Bitcoins cost energy to “mine,” because mining is just a computer running calculations; the longer Bitcoin is around, the more energy it takes to mine each subsequent unit (it takes four times as much energy to mine a single Bitcoin now as it did when the currency launched in 2009). There is a finite amount of Bitcoin, and the most recent projections show it will take about another 120 years to mine all 21 million Bitcoins. There is also, theoretically, a tipping point somewhere in there where the amount of energy it takes to mine a piece of Bitcoin is more valuable than the Bitcoin itself, though it all depends on the market value. But Bitcoin transactions, not just mining, take energy (one transaction could currently power a home for a week), so the more widely used it is, the more carbon we are pumping into the atmosphere.

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2018-05-21, 05:19 PM,
Making money but depleting energy, this is so sad.
2018-05-21, 05:33 PM,
Oh thank god. I thought, Bitcoin miners are eating half of our whole world's energy.
2018-05-21, 05:57 PM,
By the end of the year Bitcoin will consume 0.5% of the Earth's energy.
2018-05-21, 06:22 PM,
crazy nowadays peoples wallets fill and empty like a trash bin
2018-05-21, 06:41 PM,
That's disgusting. We need to save energy.
2018-05-21, 06:49 PM,
Wonder how much power is used by all the banks and other transactional firms. This is okay to use some energy in next generation money.
Latest Thanks - View all

k3nshy(2018-05-21 11:30 PM) 
2018-05-27, 01:00 PM,
OMG! This is hell lots of energy wasted.

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