How Will Bitcoin Solve Its Energy Consumption Problem?

If Bitcoin were a country, it would be the 40th largest consumer of electricity in the world. A new research paper has highlighted the growing problem as major cryptocurrencies seek to solve it.Bitcoin’s Energy Crisis ExploredAccording to the figures, the amount of energy used for each transaction could run a dishwasher for a year.Alex de Vries wrote: “With the Bitcoin network processing just 200,000 transactions per day, this means that the average electricity consumed per transaction equals at least 300 kWh, and could exceed 900 kWh per transaction by the end of 2018.” This doesn’t mean that Bitcoin transactions couldn’t be processed without high amounts of energy, it’s just that there are a lot of miners. Currently, miners earn about $100 per transaction.

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