Bitcoin’s “mining” network uses more electricity in a year than the whole of Ireland, according to statistics released as the currency broke $9,000 for the first time. According to Digiconomist the estimated power use of the bitcoin network, which is responsible for verifying transactions made with the cryptocurrency, is 30.14TWh a year, which exceeds that of 19 other European countries. At a continual power drain of 3.4GW, it means the network consumes five times more electricity than is produced by the largest wind farm in Europe, the London Array in the outer Thames Estuary, at 630MW. At those levels of electricity consumption, each individual bitcoin transaction uses almost 300KWh of electricity – enough to boil around 36,000 kettles full of water. Although power consumption of other payment networks is harder to isolate, one of Visa’s two US data centres reportedly runs on about 2% of the power required by bitcoin. Between them, those two data centres conduct around 200m transactions a day; the bitcoin network handles fewer than 350,000. The astronomical power draw is a facet of how the bitcoin network protects itself against fraud. With no centralised authority confirming transactions, bitcoin is instead backed by “miners”, who put specialised… Read full this story
- How energy-friendly is Bitcoin?
- Experts Refute Claims That Bitcoin Uses as Much Energy as Ireland
- In Focus: The Bitcoin Haven
- Why did Microsoft just sink a small data centre off the coast of a Scottish island?
Bitcoin mining consumes more electricity a year than Ireland have 234 words, post on www.theguardian.com at November 27, 2017. This is cached page on Drudgereport. If you want remove this page, please contact us.