Please use some brainpower (perhaps 12 watts) to give this thought-provoking article a review. While energy consumed by mining has no analog for fiat currency, Bitcoin detractors who complain about energy needs may not be fully weighting the comparable consumption from day-to-day electronic transactions in fiat. Further, the ability to locate mining operations where green(er) energy is abundant (e.g., near geothermal sources) may be underappreciated.
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How power-needy is Bitcoin?
On the face of it, the question about energy use is a fair one. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden. This certainly sounds like a lot of energy. But how much energy should a monetary system consume?
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