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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 JoeMerchant on Tuesday May 22 2018, @07:10PM
In absolute terms, the production, promotion and distribution of the media that is DRM protected is much larger, in absolute terms, than the sham of a crypto algorithm that is used. What is the fuel cost of a single live U2 concert? Not just for the band and stage crew to arrive, but for the concertgoers, the fractional costs of construction and maintenance costs of the stadium and supporting infrastructure including airports, aircraft, roads, vehicles, hotels, restaurants, etc.?
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