We are using cookies to give you the best experience on our site. By continuing to use our site, you are agreeing to our use of cookies.
Can the world afford Bitcoin? The cryptocurrency is enjoying something of a resurgence as investment and central banks weighed its benefits and caused its value to balloon.
But generating Bitcoin requires a truly staggering amount of energy. The electricity used in a single Bitcoin transaction, for instance, could power a house for a month.
And bitcoin mining (the process of generating a bitcoin) now consumes the same amount of electricity every year as Denmark – 33TWh, according to one recent report.
An earlier report found that Bitcoin mining uses more electricity than a country the size of Ireland, Serbia or Bahrain.
Bitcoin mining’s energy use is reportedly growing at a rate of 25% per month. At that rate of growth, it will consume as much electricity as the …
READ MORE ON WEFORUM.ORG