08/11/18 06:39 UTC-4

"Digital gold" mining consumes more energy than real gold mining

Bitcoin mining requires more energy than real gold mining
Bitcoin mining requires more energy than real gold mining

A study by the Oak Ridge Institute showed that the energy requirement for miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
cryptocurrency is greater than for excavating metals with an equivalent dollar value, as reported by

In an article published on November 7 by Nature magazine, researchers at the Oak Ridge Institute in Cincinnati, Ohio, noted that Bitcoin mining consumes more than three times more energy than gold mining.

According to the Oak Ridge Institute report: "From the beginning of 2016 to the middle of the same year, the energy required for Bitcoin mining was: 1 US dollar to 17 megajoules. At the same time, the energy required for gold mining of equivalent value in dollars was 5 megajoules."

According to the report, other cryptocurrencies, such as Litecoin, Ethereum and Monero, also required more energy for mining than gold with equivalent value.

The only metal whose extraction process consumed more energy than the equivalent dollar value of Bitcoin was aluminum, which required 122 megajoules for rare earth oxides (REOs), for which 9 megajoules were required.

Editor: Yuliya Soroka

See also: "Bitman will release updates for Overt AsicBoost firmware"

#Bitcoin #mining #Digital gold #study



29/05/19 04:06 UTC-4

Litecoin cryptocurrency halving: 70 days left

​Starting today, on May 29th, the countdown begins until the reduction of the remuneration to the miners of the sixth cryptocurrency in terms of capitalization, Litecoin. It is expected that in early August, the remuneration for the Litecoin block will be halved.

Hypes, funds, fiat money