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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.


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  • (Score: 2) by arslan on Monday May 21 2018, @11:07PM

    by arslan (3462) on Monday May 21 2018, @11:07PM (#682435)

    Yes, as it was originally implement, but doesn't mean it can't be updated to do so. Other blockchain techs are looking at replacing the original proof of work validation with other implementations, i.e. proof of stake, etc.. Someone just have to be more creative that's all.

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