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| Blockchain Energy |
Blockchain Energy
Using Bitcoin and other cryptocurrencies requires a lot of computing time. Each Bitcoin transaction takes up a huge amount of energy to run the servers that do the ‘mining’ that is required for the blockchain technology that underlies cryptocurrencies.
If bitcoin becomes a widely used digital currency and if blockchain is used for other purposes such as supply chain management, this will require huge amounts of energy.
A cashless economy where digital payments become the norm will require huge sources of energy to keep it going. Along with electric vehicles (EVs) which will probably also become prevalent, electricity generation and battery technology will have to keep up. Could there be like blockchain and bitcoin blackouts in cities where power companies try to cope with the energy demand?
It will be industries involved in power/energy generation, battery technology and computer servers that do well on the back of blockchain (and EVs).
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