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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.
(Score: 2) by All Your Lawn Are Belong To Us on Monday May 21 2018, @10:25PM (1 child)
Sorry I meant it's saying nothing without a unit measurement applied since power usage is meaningless without describing it over a time period of production and consumption. Actually I just described the same error unintentionally that the author reached academically. (Says nothing unless it is nothing....) Time for bed! :)
This sig for rent.
(Score: 2) by realDonaldTrump on Tuesday May 22 2018, @01:19AM
Believe me, I know more about Bitcoin than anybody. Bitcoin guys are mining ALL THE TIME. Basically all the time. Because there's new Bitcoins coming out every 10 minutes. Right? So if they stopped mining for even 10 minutes, they'd miss out.
And gigawatts, it's like watts. But bigger. Remember 100 watt light bulbs? Nice and bright. 25 watt, not so bright. Not so nice. 100 is more electricity, it's 4 times as much. Costs more to run. And 2.55 gigawatts is even more. But you don't see 100 watt bulbs anymore. Because Obama banned them. Going to repeal that one!!!