Tag Archives: Energy

Ro Khanna: Energy consumption from Bitcoin mining needs to be taxed

Chip Somodevilla/Getty Images Bitcoin mining consumes tremendous amounts of energy, even as much as to power a single home for weeks. Democratic Rep. Ro Khanna said taxing cryptocurrencies similar to proposals to taxing carbon would quell environmental concerns. WASHINGTON — The mining of bitcoin and other cryptocurrencies, which have been in the spotlight recently due […]

Bitcoin gobbles up clean energy — just when the real world needs it most

One of the biggest near-term threats to our clean energy future doesn’t even physically exist — but the danger is increasingly very real. The stupendous growth of the virtual currency Bitcoin is creating real-world consequences. Massive number-crunching computer facilities for mining Bitcoin have popped up in parts of the planet where renewable electricity comes especially […]

Iceland will soon use more energy mining bitcoins than powering its homes

Updated February 14, 2018 17:11:19 Photo: The small island nation’s near 100 per cent renewable energy and cold climate make it an ideal cryptocurrency mining destination. (Unsplash: Jonatan Pie) The amount of power used to mine bitcoin in Iceland is set to overtake the country’s entire domestic power usage this year, a local energy company […]

Cryptocurrency mining in Iceland is using so much energy, the electricity may run out

Iceland’s Svartsengi power plant. (HS Orka) The value of bitcoin may have stumbled in recent months, but in Iceland it has known only one direction so far: upward. The stunning success of cryptocurrencies around the globe has had a more unexpected repercussion on the island of 340,000 people: It could soon result in an energy shortage in the […]

Bitcoin energy use in Iceland set to overtake homes, says local firm

Image copyright AFP Image caption Nearly 100% of energy in Iceland comes from renewable sources Iceland is facing an “exponential” rise in Bitcoin mining that is gobbling up power resources, a spokesman for Icelandic energy firm HS Orka has said. This year, electricity use at Bitcoin mining data centres is likely to exceed that of […]

Bitcoin energy use in Iceland set to overtake homes, says local firm

Image copyright AFP Image caption Nearly 100% of energy in Iceland comes from renewable sources Iceland is facing an “exponential” rise in Bitcoin mining that is gobbling up power resources, a spokesman for Icelandic energy firm HS Orka has said. This year, electricity use at Bitcoin mining data centres is likely to exceed that of […]

Energy footprint of bitcoin beginning to outstrip entire State

The energy footprint of bitcoin mining is beginning to outstrip the Republic’s entire energy consumption, according to research from Maynooth University. Bitcoin is one of the first cryptocurrencies, which are digital currencies that use cryptography to control their creation and management, instead of relying on central banks. Bitcoin mining is the process by which transactions […]

Iceland to use more energy mining bitcoin than powering its homes

@arge clouds of steam rise into the sky from the Svartsengi geothermal power station  (Picture: AP Photos/Egill Bjarnason) Iceland is expected to use more energy mining bitcoin than powering its homes this year. Large virtual currency mining companies have established a base on the island, which has an abundance of geothermal and hydroelectric power plants. […]

New gold rush: Energy demands soar in Iceland for bitcoins

KEFLAVIK, Iceland –  Iceland is expected to use more energy mining bitcoins and other virtual currencies this year than it uses to power its homes. With massive amounts of electricity needed to run the computers that create the precious bitcoins, large virtual currency mining companies have established a base in Iceland, a chilly North Atlantic […]

Bitcoin, the virtual currency, has become a massive energy hog

Bitcoin has become the world’s premier virtual currency, and although it exists only online, it runs up enormous energy costs in the real world. Verifying bitcoin transactions is so energy intensive the currency tops 159 individual countries in energy consumption, according to data consultant Alex de Vries. Every transaction related to bitcoin is verified by a key […]

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