Why does bitcoin require so much energy to make something that exists only electronically?
Bitcoin and most other cryptocurrencies are founded on the notion of an immutable ledger, called the blockchain, which comprises transfers of value from one party to another.
Every ten minutes on average, a server finds an acceptable solution, and the miner gets a reward from the bitcoin system.
If the cryptocurrency were to stay at its recent price of $8,000, power usage of the bitcoin network would peak at 7.67 gigawatts (67 terrawatt hours of energy on an annual basis, or one-fifth of Britain’s energy use).
They also have to contribute computing assets, but the overall computational power required is far lower than the bitcoin approach and grows slowly over time.
Why does bitcoin require so much energy to make something that exists only electronically? Bitcoin and most other cryptocurrencies are founded on the notion of an immutable ledger, called the blockchain, which comprises transfers of value from one party to another.
Why does bitcoin require so much energy to make something that exists only electronically? Bitcoin and most other cryptocurrencies are founded on the notion of an immutable ledger, called the blockchain, which comprises transfers of value from one party to another.
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