While Bitcoin’s price has been capturing the world’s imagination, its’ energy costs also deserve attention. The process to “mine” Bitcoin requires extreme computing power – and extreme amounts of energy.
According to a new report from the International Energy Agency, the energy being used to mine Bitcoin is now greater than the energy consumption of some countries. (!!!) If there was a Bitcoin Nation, its energy requirements would be greater than those of Denmark and Belarus. And it’s rising fast.
Bitcoin’s energy costs are now important to think about as cities, states and countries, consider their energy futures.