08 Nov Bitcoin Mining Consumes Over 3X the Energy of Gold Mining: Research
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A new paper indicates that the energy required to mine cryptocurrencies is more than what is consumed when excavating for metals of equivalent dollar value.
In the paper which was published on November 5 by the Nature journal, researchers at the Cincinnati, Ohio-based Oak Ridge Institute noted that bitcoin consumes more than three times the energy taken to produce an equivalent value of gold in dollar terms.
According to the report, between the beginning of 2016 and mid this year, the energy required to mine bitcoin worth US$1 was 17 megajoules while the energy required to mine gold of the equivalent dollar value was 5 megajoules. Other cryptocurrencies such as litecoin, ethereum and monero also required more energy to mine than gold of equivalent value.
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