What are Bitcoin energy consumption myths?

The only thing more exciting than Bitcoin is the question of the fraction of world energy currently consumed by virtual currency.

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 all US electricity. Koomey was co-author of the 2016 edition of “American League of LBNL”, a 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 forecasts made a decade ago – those being developed for Bitcoin – is that the industry has adopted more efficient and efficient equipment, 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. This will result in massive growth in efficient electricity generation – the green energy revolution. Moore’s Law was part of the story of incredible progress in the science of mining materials. There is also the incredible demand for computer science that has made progress 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 other way around.

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