The Revolution Will Not Be Linear: Blockchain’s Unsustainable Demands From The World’s Energy Resources

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The Revolution Will Not Be Linear: Blockchain’s Unsustainable Demands From The World’s Energy Resources

Sat Sep 22, 2018 5:40 pm

Ten years from now, the story of Satoshi Nakamoto – the anonymous creator of Bitcoin – may very well become as unknown as the story of Tim Berners Lee, the creator of the world wide web. Satoshi, not only created the world’s first cryptocurrency, but a technology revolution that is changing the world.

But, if you were to ask the average person today about how Bitcoin and blockchain are changing the world, their response would likely be that it is actually destroying it. Why? Because Satoshi’s invention has spawned the birth of thousands of cryptocurrencies and blockchain projects that place unsustainable demands on the world’s energy resources.


The problem


As of June 2018, Bitcoin mining uses 71 terawatt hours (TWh) per year, equivalent to almost 10% of China’s annual energy usage. If Bitcoin was a country, it would now be the world’s 41st largest energy consumer, just behind Chile. This energy grows at an astounding rate increasing many multiples in the last year. Many have sought to ameliorate this uptake in energy with clever solutions


https://cryptodaily.co.uk/2018/09/the-r ... resources/

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