Nobody Knows Exactly How Much Energy Bitcoin Is Using

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By the end of this year, Bitcoin may account for a whopping half of a percent of the world’s total energy demand. It doesn’t sound like much, but that is roughly equivalent to the energy needs of Austria, a country of nearly nine million people. This sobering prediction was made by financial economist Alex de Vries and published on Wednesday in Joule, marking the first time that the energy consumption of Bitcoin has been quantified in a peer-reviewed journal.

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