“By the end of this year, bitcoin could use half a percent of the world’s electric energy, according to research published today in the science journal Joule,” Dvorsky reports. “What’s more, if bitcoin’s value rises as high as some experts predict, the network could eventually consume upwards of five percent of the world’s electricity.”
“That’s shocking, to say the least, if not completely absurd. If true, it means bitcoin in its current state is grossly inefficient, completely unsustainable, and an environmental menace,” Dvorsky reports. “But as critics of the new study are quick to point out, the new paper is predicated on several shaky assumptions, insufficient evidence, and an eye towards the status quo in terms of how new technologies and regulations might alter the situation.”
Read more in the full article here.
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