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

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: 0) by Anonymous Coward on Monday May 21 2018, @03:15PM (2 children)

    by Anonymous Coward on Monday May 21 2018, @03:15PM (#682218)

    Proof? The fact that Bitcoin is currently existing sustainably.

  • (Score: 3, Insightful) by frojack on Monday May 21 2018, @06:39PM (1 child)

    by frojack (1554) on Monday May 21 2018, @06:39PM (#682310) Journal

    Securing the blockchain IS beneficial computation

    Is it really? What if there is no social benefit at all to blockchain currencies?
    Does effort and electricity mindlessly invested into securing something of no actual value to society really yield anything?

    Tiger repelling talismans could be said to provide as much social benefit (employment). They seem to be very effective.

    --
    No, you are mistaken. I've always had this sig.
    • (Score: 2) by JoeMerchant on Monday May 21 2018, @07:13PM

      by JoeMerchant (3937) on Monday May 21 2018, @07:13PM (#682330)

      What if there is no social benefit at all to blockchain currencies?

      Social benefit is impossible to calculate. What was the net social impact of the Dutch Tulip market?

      Tiger repelling talismans

      Anybody (living outside the actual Tiger stalking grounds) can see that Tigers aren't a serious threat; other more ephemeral threats like Cthulhu might actually need more talismans, if only you can get people to believe...

      --
      🌻🌻 [google.com]