Bitcoin could consume more electric energy than all of Austria before the end of the year, expert warns | WHAT REALLY HAPPENED


Bitcoin could consume more electric energy than all of Austria before the end of the year, expert warns

In a paper published to the journal Joule, the researcher uses a new technique to assess the future of Bitcoin’s electric energy consumption.

Soon, the researcher says it will likely use up about half a percent of the world’s total consumption.

It might not sound like much, but with a minimum usage now estimated to be at 2.55 gigawatts, it means Bitcoin already uses nearly as much electricity as Ireland.

According to de Vries, a single transaction uses roughly the same amount of electricity as an average household in the Netherlands consumes in a whole month.

When it hits half a percent, it will be using as much as 7.7 gigawatts – or as much as Austria."

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