Bitcoin Mining, Blockchain and Renewable Energy: Part 1
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As the bubble and daily drama around bitcoin prices unfolds, it is becoming more apparent that bitcoin mining will become a proxy and significant driver of energy usage in the world if current trends continue. Lets unpack this!
Estimated energy consumption of bitcoin mining is closing in on 50 TWh / year, which is 15% of Italy’s consumption of energy (Source: BECI, Digiconomist). As a reference, India consumes abou…