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Understanding Bitcoin Electricity Concerns

Understanding Bitcoin Electricity Concerns

Not long ago, Willy Woo, an important bitcoin researcher made a statement where he revealed that the number of bitcoin users throughout the world doubles approximately every year. Additionally, Dutch Bank ING released a paper where they state that bitcoin transactions use so much energy that potentially, the amount of electricity needed to verify a single transaction would be enough to power a house for an entire month.

To put things better into perspective, bitcoin transactions need to use so much energy in order to make verifying trades expensive for those who do it. Because of this aspect, fraudulent transactions that would be confirmed on the blockchain network are much harder to attain, as those who wish to do so, would need to make a large investment in both computing equipment and electricity to be capable of misusing the currency.

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