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0.5% of World's Electricity by Year's End: Bitcoin Mining Power Consumption is Insane

A report by financial economist and blockchain specialist Alex de Vries (@DigiEconomist) indicates that Bitcoin power consumption is currently equal to that of the island of Ireland, and growing at an alarming rate. Due to intense competition and the difficulty scaling model of Bitcoin mining wherein the block rewards are halved over time, Bitcoin power consumption has grown exponentially in…
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