Published on May 18th, 2018 | by bitcoin0
Wicket threat to Planet by carbon emission
But estimating exactly how much electricity the Bitcoin network uses, necessary for understanding its impact and implementing policy, remains a challenge.
His estimates, based in economics, put the minimum current usage of the Bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland.
Bitcoin is dependent on computers that time-stamp transactions into an ongoing chain to prevent duplicate spending of coins.
The user of the computer that wins is awarded 12.5 new coins–a process known as “mining” Bitcoin.
Economic principles suggest that the entire Bitcoin network will eventually reach an equilibrium where the costs of the hardware and electricity used to mine equal the value of the Bitcoin being mined.