You are here
Energy cost of 'mining' bitcoin is more than twice that of gold
By Alex Hern
The Guardian, London
Monday, November, 5, 2018
The amount of energy required to "mine" one dollar's worth of bitcoin is more than twice that required to mine the same value of copper, gold, or platinum, according to a new paper, suggesting that the virtual work that underpins bitcoin, ethereum, and similar projects is more similar to real mining than anyone intended.
One dollar's worth of bitcoin takes about 17 megajoules of energy to mine, according to researchers from the Oak Ridge Institute in Cincinnati, Ohio, compared with four, five, and seven megajoules for copper, gold, and platinum.
... Dispatch continues below ...
We Are Amid the Biggest Financial Bubble in History;
When It Bursts, Bullion Owned in the Safest Way Will Protect Wealth
With GoldCore you can own allocated -- and most importantly -- segregated coins and bars in Switzerland, Singapore, and Hong Kong.
Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed.
Crucial guides to storage in Singapore and Switzerland can be read here:
GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.
Email the GoldCore team at email@example.com or call our trading desk:
UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010.
Visit us at: http://www.goldcore.com
Other cryptocurrencies also fare poorly in comparison, the researchers write in the journal Nature Sustainability, ascribing a cost-per-dollar of 7MJ for ethereum and 14MJ for the privacy-focused cryptocurrency monero. But all the cryptocurrencies examined come off well compared with aluminium, which takes an astonishing 122MJ to mine one dollar's worth of ore. ...
... For the remainder of the report:
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: