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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 396.28-0.7%Dec 31 4:00 PM EST
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To: TobagoJack who wrote (169602)3/18/2021 11:05:40 AM
From: Maurice Winn1 Recommendation  Read Replies (1) of 218871
 
My original main reason among several why bitcoin is hopeless. Now it's recognised. Total energy consumed by the bitcoin mining process could reach 128 TWh (terawatt-hours) this year, according to the Cambridge Bitcoin Electricity Consumption Index ( CBECI), which is compiled by Cambridge University researchers.

That is 0.6 percent of the world's total electricity production, or more than the entire consumption of Norway.



"These numbers can appear large when compared to medium-sized countries or emerging technologies like electric vehicles (80 TWh in 2019), but small when compared to other end-uses," such as air conditioning and fans, said International Energy Agency analyst George Kamiya.



Google's entire operation consumed 12.2 TWh in 2019 and all the data centers in the world, excluding those that mine bitcoin, jointly consume around 200 TWh annually.



Economist Alex de Vries, who put together one of the first indices on the subject in 2016, is even more pessimistic.



He believes that the recent rise in bitcoin's price will intensify its use and drive its energy consumption beyond that of all other data centers combined.







Mqurice
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