Energy cost of 'mining' bitcoin more than twice that of copper or gold
by Alex Hern from on (#429JJ)
New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals
The amount of energy required to "mine" one dollar's worth of bitcoin is more than twice that required to mine the same value of copper, gold or platinum, according to a new paper, suggesting that the virtual work that underpins bitcoin, ethereum and similar projects is more similar to real mining than anyone intended.
One dollar's worth of bitcoin takes about 17 megajoules of energy to mine, according to researchers from the Oak Ridge Institute in Cincinnati, Ohio, compared with four, five and seven megajoules for copper, gold and platinum.
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