Mark Mason
Well-known member
Cryptocurrency Energy Use is Large, but an Optimistic Outlook Remains
Recently, Alex de Vries, founder of Digiconomist, published a research article on the energy consumption of Bitcoin and cryptocurrencies.
In the article, he proposes that the energy consumption of Bitcoin is currently estimated to be around 2.55 gigawatts and can grow as high as 7.67 gigawatts in the future. This would put Bitcoin’s energy usage on par with Ireland (3.1 GW) and Austria (8.2 GW). At the end of the article, he cites the Bitcoin Lightning Network as a possible solution.
Throughout the research article he walks the reader through his calculations and assumptions, which are much too extensive to cover in full in this article. However, in summary, due to the decentralized nature of cryptocurrencies, he has to back out numerous values from stated energy performances and production levels of ASICs from their manufactures, efficiency estimates, average costs of electricity, and Bitcoin transaction data. He has collected known data from the few sources available and made relatively conservative estimates and assumptions where necessary.
Read more: https://www.dashforcenews.com/cryptocurrency-energy-use-is-large-but-an-optimistic-outlook-remains/
Recently, Alex de Vries, founder of Digiconomist, published a research article on the energy consumption of Bitcoin and cryptocurrencies.
In the article, he proposes that the energy consumption of Bitcoin is currently estimated to be around 2.55 gigawatts and can grow as high as 7.67 gigawatts in the future. This would put Bitcoin’s energy usage on par with Ireland (3.1 GW) and Austria (8.2 GW). At the end of the article, he cites the Bitcoin Lightning Network as a possible solution.
Throughout the research article he walks the reader through his calculations and assumptions, which are much too extensive to cover in full in this article. However, in summary, due to the decentralized nature of cryptocurrencies, he has to back out numerous values from stated energy performances and production levels of ASICs from their manufactures, efficiency estimates, average costs of electricity, and Bitcoin transaction data. He has collected known data from the few sources available and made relatively conservative estimates and assumptions where necessary.
Read more: https://www.dashforcenews.com/cryptocurrency-energy-use-is-large-but-an-optimistic-outlook-remains/