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Renewable energy won't make Bitcoin 'green,' but tweaking its mining mechanism might

The cryptocurrency Bitcoin is known for its massive energy footprint. Now, researcher Alex de Vries, from PricewaterhouseCoopers (PwC) in the Netherlands, suggests that renewable hydropower production cannot supply the large quantities of energy needed to power machinery used to validate Bitcoin transactions. In a Commentary publishing March 14 in the journal Joule, he also highlights the vast quantities of electronic waste produced by the Bitcoin network and calls for alternative strategies to curb the cryptocurrency's environmental impact.  de Vries, a senior consultant and blockchain specialist at PwC and founder of Digiconomist (@DigiEconomist), found that Bitcoin's consumption is more than 1,200 times greater than the maximum footprint of a transaction processed by the banking industry. He also estimates that Bitcoin consumed as much electrical energy as all of Hungary in 2018.  Read more...
 

 

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