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Study: Bitcoin Network Uses at Least 2.55 GW of Electricity

posted by martyb on Monday May 21 2018, @02:12PM   Printer-friendly
from the how-many-DeLoreans? dept.

An Anonymous Coward writes:

According to a press release carried by Eurekalert

In the first rigorously peer-reviewed article quantifying Bitcoin's energy requirements, a Commentary appearing May 16 in the journal Joule, financial economist and blockchain specialist Alex de Vries uses a new methodology to pinpoint where Bitcoin's electric energy consumption is headed and how soon it might get there.

The abstract of the article says

The Bitcoin network can be estimated to consume at least 2.55 gigawatts of electricity currently, and potentially 7.67 gigawatts in the future, making it comparable with countries such as Ireland (3.1 gigawatts) and Austria (8.2 gigawatts). [...]

The author offers a caveat:

[...] all of the methods discussed assume rational agents. There may be various reasons for an agent to mine even when this isn't profitable, and in some cases costs may not play a role at all when machines and/or electricity are stolen or abused.

[Other] reasons for an agent to mine Bitcoin at a loss might include [...] being able to obtain Bitcoin completely anonymously, libertarian ideology [...] or speculative reasons.

Original Submission

 
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  • (Score: 3, Funny) by takyon on Monday May 21 2018, @03:10PM (4 children)

    by takyon (881) <takyonNO@SPAMsoylentnews.org> on Monday May 21 2018, @03:10PM (#682213) Journal

    Every sperm is sacred.

    --
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    Starting Score:    1  point
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    Total Score:   3  

  • (Score: 2) by looorg on Monday May 21 2018, @03:15PM (2 children)

    by looorg (578) on Monday May 21 2018, @03:15PM (#682217)

    Perhaps he is watching for the awesome acting and the deep and meaningful stories?

    • (Score: 2) by The Mighty Buzzard on Monday May 21 2018, @03:23PM (1 child)

      by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Monday May 21 2018, @03:23PM (#682220) Homepage Journal

      Shit no. I'm watching for the naked chicks. Being able to see boobies on demand is something I value quite a bit though, thus not a waste.

      --
      My rights don't end where your fear begins.

      • (Score: 0) by Anonymous Coward on Monday May 21 2018, @05:03PM

        by Anonymous Coward on Monday May 21 2018, @05:03PM (#682267)

        Being able to see boobies on demand is something I value quite a bit though, thus not a waste.

        I think that gets to the real issue here. Some people just don't like bitcoin or have some kind of trading scheme so they came up with this energy-usage concern trolling.

  • (Score: 5, Funny) by The Mighty Buzzard on Monday May 21 2018, @03:25PM

    by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Monday May 21 2018, @03:25PM (#682221) Homepage Journal

    I shudder to think how holy my bedroom trashcan was as a teenager.

    --
    My rights don't end where your fear begins.