It takes three times more energy to mine Bitcoin than gold

According to newly published research, mining cryptocurrency takes nearly twice as much energy than mining gold, platinum, and copper. Researchers from the Oak Ridge Institute for Science and Education in Cincinnati tracked the daily energy demand and hashrate of Bitcoin, Ethereum, Litecoin, and Monero between 1st January 2016 to 30th June 2018. The researchers then used the average daily market prices of each cryptocurrency – and the respective rewards gained from successfully mining a block – to calculate how much energy it takes to generate one US dollar worth of each respective cryptocurrency. The study found that Bitcoin, Ethereum, Litecoin,…

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