Cardano and Ethereum proof-of-stake - alternatives to power-hungry Bitcoin

Jan

Who's the Boss?
Staff member
Joined
May 24, 2010
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5,760
Elon Musk doesn't need to fix power-hungry Bitcoin — energy-efficient cryptocurrencies already exist

The energy consumption of Bitcoin made headlines again this year and, although important context is left out when you simply compare the electricity consumption of Bitcoin mining to a small country, the fact remains that the Bitcoin network requires a large amount of power.

According to the Cambridge Global Cryptoasset Benchmarking Study, Bitcoin consumes more energy than New Zealand and Belgium combined — around 115 terawatt-hours per year — due to its reliance on a system called proof-of-work for securing its network.

The larger context of Bitcoin's energy use has been comprehensively covered in a recent MyBroadband article. It considered the power consumption of Bitcoin in contrast to global energy consumption and wastage, and highlighted that it is premature to conclude how harmful Bitcoin is to the environment until there is better data about what energy sources are used to power the Bitcoin blockchain.

While more conclusive data about Bitcoin's energy mix is still being gathered, Cambridge's aforementioned benchmarking study has found that 39% of Bitcoin mining is powered by renewable sources, primarily hydroelectric.
 

Flywheel

Honorary Master
Joined
May 11, 2009
Messages
12,213
These digital currencies all need to be destroyed...wasteage of huge amounts of natural resources. They should spend that same energy into mining for precious metals/gems and minerals.
 
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