California Climate & Energy Collaborative

As concern grows over bitcoin’s energy use, what’s next for cryptocurrency?

Sarina Soor
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“Most anywhere else, his power demand for mining would have gone unnoticed. But Bowman runs Plattsburgh BTC, and the small city in upstate New York has improbably become the front line in a growing energy debate. Here’s the issue: Bitcoin is a cryptocurrency begun in 2009 that leverages blockchain technology in order to operate without…

Iceland expects to use more electricity mining bitcoin than powering homes this year

Sarina Soor
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“Bitcoin mining tools, which primarily consist of large computers, servers, and cooling devices, will use around 840 gigawatt hours of electricity this year. The country’s homes, collectively, use about 700 gigawatt hours per year. I Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity. Prices are contained because nearly…

Bitcoin mining on track to consume all of the world’s energy by 2020

Sarina Soor
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“Bitcoin mining—the process of generating new units of the currency by confirming bitcoin transactions on an online ledger called the blockchain—requires computing power, which is used to solve the complex mathematical puzzles used in the mining process. These problems are designed to become more complicated as more computers join the cryptocurrency’s network. Analysis of how…