The University of Cambridge has published a study showing Estonia Email List at the time of writing, Bitcoin accounts for between 0.50% and 0.60% of total electricity consumption. This may sound like little, but this is almost as much energy as the whole of Sweden consumes in a year. If Bitcoin were a Estonia Email List , it would be number 27 of the most energy consuming countries. So quite a lot of energy. Why does Bitcoin consume a lot of energy? To why the entire Bitcoin network consumes a lot of energy. It is important to know how Estonia Email List are on the. Within the Bitcoin network, this is done through a consensus mechanism called ” Proof of Work “.

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This means that miners (those who check and execute your Estonia Email List on the network) make their computer available to the Bitcoin network. The computer will then be busy solving complicated cryptographic calculations that are intended to keep hackers out. If the miner’s computer is the Estonia Email List to crack the formula. This miner will be for this in Bitcoin. To prevent a miner from adding a fraudulent block (a bundling of transactions) to the Blockchain, this outcome is first checked by other miners within the network. After Estonia Email List have given their  (and have come to the same answer), the new block is to the blockchain.

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This way. Even if you transfer directly to a acquaintance, or Estonia Email List from a third party. This way of implementation and control ensures that the network has never been to this day. Need some more basic knowledge to understand the above text? Click here to read about the most Estonia Email List concepts surrounding cryptocurrency. The reason that the network consumes so much electricity is therefore due to the fact that thousands of computers are simultaneously validating a single transaction. Now it’s nice to Estonia Email List that mining Bitcoin is a global business and therefore knows no borders. So you can imagine that all these computers together consume an unbelievably large amount of power.

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