The only thing more excited than Bitcoin is the question of the fraction of world energy currently consumed by the virtual currency in fashion.
The New York Times’ statement is simply false. It confuses “electricity” with “energy,” which is a mistake much of the media continues to make. A nation’s total energy consumption includes oil used for transportation, as well as fuels used for heating, like natural gas, coal, and wood — electricity is just one part of the whole energy system. So, Bitcoin may soon consume as much electricity as some modest size countries, but electricity is well under half of total energy consumption.
The forecast of Bitcoin’s future energy consumption does not take into account efforts to make virtual currencies much more efficient. Users need to be aware of the broader context: data center energy consumption (of which Bitcoin is only a small part) has remained unchanged since 2008. And it accounts for only about 1.8% of set of US electricity. Koomey was co-author of the 2016 edition of “American League of LBNL”. Report on energy consumption in data centers. Over the past two decades, he has refuted claims that the Internet would engulf an ever-growing fraction of the world’s electricity. He and LBNL have also worked with IT companies to help them become more efficient. Indeed, one of the main reasons why data center electricity consumption did not lead to the worst kind of forecasts made a decade ago – those currently being developed for Bitcoin – is that The sector has adopted more efficient and more efficient equipment. software, to minimize energy costs. This is precisely what is happening now with virtual currency. Some of the best universities and companies are working to make the blockchain more effective. The bottom line is that the Bitcoin energy crisis has been overexpressed and experienced engineers and professors are trying to solve the problem while they waste energy. This will result in massive growth in efficient electricity generation – the green energy revolution. Moore’s law was in part a story of incredible progress in materials science, but also an incredible demand for computer science that allowed these advances and made semiconductor research and development profitable. If you want to attend a Moore energy revolution, you have to stick to bitcoin and not the opposite. You have cheap green energy Bitcoins could make building more useful for your time.