Kshitij Adhlakha Founder and COO of Quickx Protocol at Dubai Blockchain Submit
Blockchain transaction and their Hidden Energy Cost
Bitcoin is famous for two things: its soaring value and the amount of energy which mining the cryptocurrency can consume. It is estimated that mining Bitcoin and other cryptocurrencies can potentially consume enough energy to power a small country. The more cryptocurrency mining gains traction, the more energy the process consumes.
If blockchain technology like cryptocurrencies continues to consume that much power, their future looks bleak. As it is, blockchain may be too expensive in terms of energy consumption to be scalable for business needs.
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