Electricity consumption from Bitcoin rose to a record high of 42 terawatt-hours this week.
The price of the digital cryptocurrency Bitcoin fell this week by half from a peak last month of $19,500 per “coin.”
When the price was soaring in December, there was a huge speculation frenzy. But as of Wednesday, Bitcoin was trading as low as $9,200 in a drop almost as sharp and sudden as the December surge. (As of Thursday morning, it was back up to $11,700.) And coin holders are rattled — one of the top posts this week in the cryptocurrency Reddit community was a post on suicide hotlines.
Some Bitcoin enthusiasts believe this is the start of a true crash, while others say the current decline is a typical seasonal event.
— Daagle [Hashgraph vs. Blockchain] (@Daagle23) January 16, 2018
But the drop in price hasn’t had much of an effect on the massive amount of energy the Bitcoin network devours or its emissions. In fact, as of Tuesday, electricity consumption from Bitcoin rose to a record high of 42.1 terawatt-hours, according to Digiconomist, Alex de Vries’s Bitcoin analysis blog.
That’s roughly the energy used by all of New Zealand, a country of 4.7 million people. It brings the rate of carbon dioxide emissions from Bitcoin up to 20 million metric tons per year. And it’s not showing any signs of slowing down.
Mining bitcoins — or verifying transactions to get coins — is a hugely energy-intensive process because of all Read More Here