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Bitcoin Could Consume As Much Electricity As Denmark By 2020 (boingboing.net)

Posted by BeauHD on from the pick-on-someone-your-own-size dept.

JustAnotherOldGuy writes: The numbers are very back-of-the-envelope and assume a worst case: widespread adoption of Bitcoin and not much improvement in Bitcoin mining activity, along with long replacement cycles for older, less efficient mining rigs. But even the best case [scenario] has Bitcoin consuming a shocking amount of electricity. [As mentioned in a report from Motherboard,] "The results show that in an optimistic scenario, the increase in electricity consumption of the Bitcoin network compared to now is not shocking, from around 350 MW to around 417 MW, but still on the order of one small power station. If things play out a little less favorably, however, the Bitcoin network may draw over 14 Gigawatts of electricity by 2020, equivalent to the total power generation capacity of a small country, like Denmark for example.

5 of 170 comments (clear)

  1. Energy star rated bitcoins. by Anonymous Coward · · Score: 5, Funny

    Cost 0.

  2. Already disputed and debunked by qubezz · · Score: 5, Insightful

    The Bitcoin mining reward halves every four years, making it less profitable in the future. Nearly 75% of Bitcoins that will ever exist have already been mined. Saying that miners will collectively be spending 30x more on electricity to mine 1/4 the Bitcoins they earn now is ludicrous.

    1. Re:Already disputed and debunked by religionofpeas · · Score: 4, Insightful

      It being "mined" by malware these days so the cost gets shifted.

      No, nearly all bitcoins are mined by specialized chips.

  3. Re:So build out the blockchain on Gridcoin by Anonymous Coward · · Score: 5, Insightful

    There is nothing more socially responsible or needed than a decentralized money that exists beyond the control of special interests.

  4. New unit of measure... by Anonymous Coward · · Score: 5, Funny

    From now on, we measure power consumption by the Denmark!