Yikes: One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week

“Bitcoin’s surge in price has sent its electricity consumption soaring.”

Source: One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week

Well, this isn’t good news for the people speculating in the crypto-currency markets. This isn’t a problem with mining new coins in a block-chain system (which is even worse). This is per transaction. And this is happening against a background of exponential growth – which means the energy cost will rapidly increase.

Which means people trying to use the money they are mining or investing in are going to hit a computational/energy wall pretty soon, given that the growth in energy creation isn’t nearly as steep as the growth of the energy cost per transaction.

I wonder how long it will be until this collapses?

Author: Nicholas Knisely

Episcopal bishop, dad, astronomer, erstwhile dancer...