nuclear-news

Energy-guzzling Bitcoin must be allied to dangerous costly nuclear power

Bitcoin Miners Embrace Nuclear Power , Yahoo Finance, Editor OilPrice.com, 21 July 21,

”…..The worldwide cryptocurrency production sector is eating up an almost unfathomable amount of energy — as much as entire nations. As of now, Bitcoin mining ranks between Colombia (a country of 50 million people) and Bangladesh (population 163 million) in terms of energy consumption. All told, Bitcoin networks account for an incredible 0.32% of the world’s energy consumption…

The process of “mining” Bitcoin, while virtual, requires an enormous amount of resources because of the considerable computing power necessary to carry out the extremely complex calculations to solve the “proof-of-work” problems that make up the blockchain, the digital ledger that Bitcoin is built upon. Bitcoin is currently being singled out for its massive energy consumption over other cryptocurrencies, not only because it is more than twice the size of the next-most traded cryptocurrency, but because Bitcoin’s especially complex SHA-256 algorithm, which makes Bitcoin one of the most secure cryptocurrencies out there, also makes it one of the most energy-hungry. 

July 22, 2021 - Posted by Christina MacPherson | 2 WORLD, business and costs, technology