nuclear-news

The News That Matters about the Nuclear Industry Fukushima Chernobyl Mayak Three Mile Island Atomic Testing Radiation Isotope

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…. https://www.abc.net.au/news/2021-05-14/why-is-bitcoin-bad-for-the-environment-elon-musk/100139280

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

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: