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Lagarde (WTO) Says Cryptocurrency Mining Is Consuming Too Much Power

This is the best tl;dr I could make, original reduced by 28%. (I'm a bot)
Mining cryptocurrencies is far too energy intensive and is consuming as much electricity as a G-20 economy, International Monetary Fund Managing Director Christine Lagarde said.
"The Bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry," Lagarde said in Bloomberg TV interview with Francine Lacqua and Tom Keene at the World Economic Forum's annual meeting in Davos, Switzerland.
The electricity needed by the global network of computers running the blockchain technology behind Bitcoin has more than tripled in the last year to more than 37 gigawatt-hours a day, according to Bloomberg New Energy Finance.
Bitcoin Power Consumption Cryptocurrency's power needs have tripled and hit a record 43 GWh in December.
The amount of electricity needed to mine Bitcoins could fall if there are improvements in computing technology.
"In times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine Bitcoin it's a big concern," Lagarde said.
Summary Source | FAQ | Feedback | Top keywords: mine#1 Bitcoin#2 energy#3 electricity#4 much#5
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Cryptocurrency Mining Is Consuming Too Much Power

This is the best tl;dr I could make, original reduced by 28%. (I'm a bot)
Mining cryptocurrencies is far too energy intensive and is consuming as much electricity as a G-20 economy, International Monetary Fund Managing Director Christine Lagarde said.
"The Bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive the functioning of the mechanism, is energy angry," Lagarde said in Bloomberg TV interview with Francine Lacqua and Tom Keene at the World Economic Forum's annual meeting in Davos, Switzerland.
The electricity needed by the global network of computers running the blockchain technology behind Bitcoin has more than tripled in the last year to more than 37 gigawatt-hours a day, according to Bloomberg New Energy Finance.
Bitcoin Power Consumption Cryptocurrency's power needs have tripled and hit a record 43 GWh in December.
The amount of electricity needed to mine Bitcoins could fall if there are improvements in computing technology.
"In times of climate change and when we look at how much coal is being used in some Chinese provinces to actually mine Bitcoin it's a big concern," Lagarde said.
Summary Source | FAQ | Feedback | Top keywords: mine#1 Bitcoin#2 energy#3 electricity#4 much#5
Post found in /Amd, /worldnews, /JustBadNews and /CryptoCurrency.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

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How does Bitcoin mining work? - BBC Newsnight - YouTube

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