We will need more diesel power to offset the drainon electricity required to 'hash' blockchain ledgers.
Lithium ion battery charging may be uneconomical going forward.
This article speaks to just the power consumption being used by the Bitcoin network...let alone all the other cryptocoins/blockchain enerprises springing up daily.
Diesel ain't going away anytime soon...especially in a world with upward trending populations.
https://seekingalpha.com/article/4126663-bitcoin-series-4-bitcoin-arms-race
...one of the conclusions of the article...
- Either way, and also in practice, the Bitcoin network is consuming an absurd amount of electricity, which third parties estimate as now running at around 28.9 TWh/year, the same as the entire country of Oman. This is already more than 0.11% of the world's entire electricity output – to validate an inconsequential number of transactions. As we saw in the prior article, PayPal (NASDAQ:PYPL) handles more than 1,000x the number of commercial transactions handled by Bitcoin … if PayPal ran at the same level of efficiency as Bitcoin, PayPal alone would require more than the world’s entire electricity supply. Never mind all of the other payment systems and financial institutions out there, out of which PayPal represents but a small fraction.
- Even using more conservative estimates, this electricity consumption easily comes to ~200 kWh to validate a single transaction – including only miner electricity consumption, not the supporting electricity to run client systems, internet links, etc. This number is wildly uncompetitive with current digital currencies, whose whole electricity spend per transaction will be so low as to be irrelevant (a couple of watts at most, and that’s being generous). This number alone means Bitcoin is not viable over the long term at high Bitcoin prices (since the electricity consumption basically tracks Bitcoin prices, as we saw).
- Either way, and also in practice, the Bitcoin network is consuming an absurd amount of electricity, which third parties estimate as now running at around 28.9 TWh/year, the same as the entire country of Oman. This is already more than 0.11% of the world's entire electricity output – to validate an inconsequential number of transactions. As we saw in the prior article, PayPal (NASDAQ:PYPL) handles more than 1,000x the number of commercial transactions handled by Bitcoin … if PayPal ran at the same level of efficiency as Bitcoin, PayPal alone would require more than the world’s entire electricity supply. Never mind all of the other payment systems and financial institutions out there, out of which PayPal represents but a small fraction.
- Even using more conservative estimates, this electricity consumption easily comes to ~200 kWh to validate a single transaction – including only miner electricity consumption, not the supporting electricity to run client systems, internet links, etc. This number is wildly uncompetitive with current digital currencies, whose whole electricity spend per transaction will be so low as to be irrelevant (a couple of watts at most, and that’s being generous). This number alone means Bitcoin is not viable over the long term at high Bitcoin prices (since the electricity consumption basically tracks Bitcoin prices, as we saw).