Bitcoin Is Sucking Up So Much Energy, It Could Stop Being Profitable

Bitcoin Is Sucking Up So Much Energy, It Could Stop Being Profitable
The bitcoin network could use 0.5 percent of the world's energy consumption by the end of this year, and it could soon cost so much to mine the cryptocurrency that it stops being profitable.

Bitcoin is a peer-to-peer digital currency. That means there's no central agency that records who owns what.
energy consumption of the bitcoin network today: 2.55 gigawatts, or a bit less than the energy consumption of Ireland.

By the end of 2018,based on data about ongoing bitcoin mining production, that number could rise to 7.67 gigawatts, or a bit less than the energy consumption of Austria.

this needs to be controlled or the countries will face electricity shortages.

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