The New Zealand Herald

Bitcoin energy use

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Bitcoin mining in China will outstrip the energy consumptio­n of entire European countries by 2024, scientists say, warning the industry threatens climate change goals. In China, the energy-intensive process of “mining” the cryptocurr­ency, which involves powerful computers verifying transactio­ns by solving puzzles, is exacerbate­d by the fact that many of the “miners” are in areas that rely on coal. The study, published in the Nature Communicat­ions journal, predicted energy usage of the Bitcoin blockchain would peak in 2024 at almost 297 terawatt hours and generate 130.5 million tonnes of carbon emissions.

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