• New study quantifies bitcoin's ludicrous energy consumption

    2 days ago - By Ars Technica

    Enlarge / The bitcoin network uses several times the 1.21 gigawatts required to travel back in time.
    The bitcoin network is run by miners, computers that maintain the shared transaction ledger called the blockchain. A new study estimates that this process consumes at least 2.6GW of power-almost as much energy as the nation of Ireland. This figure could rise to 7.7GW before the end of 2018-accounting for almost half a percent of the world's electricity consumption.
    The study is an updated version of calculations performed late last year by analyst Alex de Vries. In this new version, de...
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