Cryptocurrency’s Electrical Demand Will Drop Drastically

Cryptocurrency’s Electrical Demand Will Drop Drastically

The high electricity consumption of bitcoin has been widely reported , with one widely reported estimate having it consume more electricity than 159 countries . However, this is a temporary problem with cryptocurrencies, especially blockchain, and not an immutable feature. There are three things which drive Bitcoin’s absurd power use : artificial scarcity leading to many, many miners, increasingly hard competition for the remaining few million coins, and its proof-of-work approach to immutability and validity. Bitcoin’s attributes as a currency or store of value are problematic compared to newer cryptocurrencies: it’s slow to transact and it’s expensive to transact. […]

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