Bitcoin Mining Electricity Study Reveals How Little We Know

[kreslik.news]

In an article entitled “Bitcoin’s Growing Energy Problem”, economist Alex de Vries makes the claim that Bitcoin mining will account for 0.5 percent of the world’s electricity demand by the end of next year.

Background

Bitcoin mining, as we have written about before, is when computers solve mathematical problems to validate transactions on the Bitcoin network. They do this because of the possibility of receiving a Bitcoin reward. There are many computers (nodes) working on every transaction, thousands even, but only one will win the prize each time.

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