“It takes a lot of electricity to mine bitcoins, and as more miners try to cash in on the crypto craze, the amount of energy required to win new coins increases accordingly,” George Dvorsky reports for Gizmodo. “New research suggests the entire bitcoin network could consume as much as 7.7 gigawatts of electricity by the end of this year—enough to power a country the size of Austria. But the new analysis is not without its critics, who say there are many other factors to consider.”

“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.

MacDailyNews Take: And the planet was literally consumed by greed.

SEE ALSO:
Someone stole seven bitcoins from Woz – February 27, 2018
Opera adds Bitcoin-mining blocker to its browser – December 22, 2017
Persistent drive-by cryptomining coming to a browser near you – Jérôme Segura, Malwarebytes, November 29, 2017