Bitcoin mining consumes more electricity a year than Ireland

Network’s estimated power use also exceeds that of 19 other European countries, consuming more than five times output of continent’s largest windfarm

Bitcoin’s “mining” network uses more electricity in a year than the whole of Ireland, according to statistics released as the currency broke $9,000 for the first time.

According to Digiconomist the estimated power use of the bitcoin network, which is responsible for verifying transactions made with the cryptocurrency, is 30.14TWh a year, which exceeds that of 19 other European countries . At a continual power drain of 3.4GW, it means the network consumes five times more electricity than is produced by the largest wind farm in Europe, the London Array in the outer Thames Estuary, at 630MW.

Continue reading...

from The Guardian http://ift.tt/2Abc6kc