16 July 2019 Podcasts Europe

Bitcoin’s Energy Bill (The Indicator from Planet Money, 9 min listen)

By Bilal Hafeez

Globally, Bitcoin miners use more electricity that the whole of Austria. Although the cryptocurrency is currently valued at $11,000, the electricity bill for a single coin can vary significantly – from $26,000 in South Korea to $4,000 in the US. Since this energy accounts for between 90-5% of bitcoin mining costs, location plays a critical role in determining profitability for the cryptocurrency’s miners...

Globally, Bitcoin miners use more electricity that the whole of Austria. Although the cryptocurrency is currently valued at $11,000, the electricity bill for a single coin can vary significantly – from $26,000 in South Korea to $4,000 in the US. Since this energy accounts for between 90-5% of bitcoin mining costs, location plays a critical role in determining profitability for the cryptocurrency’s miners...

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