Post by rubl on Nov 13, 2017 12:40:02 GMT 7
Well, it's shared, but one of the side effect of "transactions in a spread-out ledger" means lots of computers doing something or another to consolidate the ledger. That's 'burning through' electricity.
First the term 'bitcoin mining':
"Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.
Read more: Bitcoin Mining Definition | Investopedia www.investopedia.com/terms/b/bitcoin-mining.asp#ixzz4yHsYZLBt
Follow us: Investopedia on Facebook"
and for the power part:
"One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week
Bitcoin’s surge in price has sent its electricity consumption soaring.
Bitcoin's incredible price run to break over $7,000 this year has sent its overall electricity consumption soaring, as people worldwide bring more energy-hungry computers online to mine the digital currency.
An index from cryptocurrency analyst Alex de Vries, aka Digiconomist, estimates that with prices the way they are now, it would be profitable for Bitcoin miners to burn through over 24 terawatt-hours of electricity annually as they compete to solve increasingly difficult cryptographic puzzles to "mine" more Bitcoins. That's about as much as Nigeria, a country of 186 million people, uses in a year.
"
motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change
First the term 'bitcoin mining':
"Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.
Read more: Bitcoin Mining Definition | Investopedia www.investopedia.com/terms/b/bitcoin-mining.asp#ixzz4yHsYZLBt
Follow us: Investopedia on Facebook"
and for the power part:
"One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week
Bitcoin’s surge in price has sent its electricity consumption soaring.
Bitcoin's incredible price run to break over $7,000 this year has sent its overall electricity consumption soaring, as people worldwide bring more energy-hungry computers online to mine the digital currency.
An index from cryptocurrency analyst Alex de Vries, aka Digiconomist, estimates that with prices the way they are now, it would be profitable for Bitcoin miners to burn through over 24 terawatt-hours of electricity annually as they compete to solve increasingly difficult cryptographic puzzles to "mine" more Bitcoins. That's about as much as Nigeria, a country of 186 million people, uses in a year.
"
motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change
