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If Bitcoin is virtual, why are there environmental concerns?

Why does Elon Musk say Bitcoin is bad for the environment?  ABC, By Jordan Hayne, 14 May 21,

……………If Bitcoin is virtual, why are there environmental concerns?

The issue is that all these computer farms working overtime to mine bitcoin use up a lot of real-world energy.The grunt work of adding to the block chain has computers run guessing games involving an astronomically large number of guesses each second.

To be more precise, the network is currently estimated as being able to handle 176,000,000,000,000,000,000 (that’s 176 quintillion) computations every single second.

All those numbers are energy intensive, so the power consumption of the Bitcoin network is huge. 

According to the University of Cambridge’s Centre for Alternative Finance, the estimated annualised consumption of electricity by the Bitcoin network is 149.6 terawatt hours and growing.

That’s more than countries like Sweden, Pakistan and Malaysia, and about 61 per cent of Australia’s total energy consumption….


May 15, 2021 - Posted by | 2 WORLD, ENERGY

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