With the surge in popularity for Bitcoin, focus has been shifted to the ever-changing state of its value however, energy usage from the Bitcoin network has posed some concern as well. In fact, if you were to crunch the numbers that the network uses as far as energy is concerned, it would be able to power all of Ireland. Of course, other cryptocurrency options have popped up utilizing a lot less energy, but the problem still remains that all these other digital networks are using up energy at an alarming rate. Kurt Cobb said in a recent piece for oilprice.com that, “much of what happens in the information economy is simply focused on extracting more resources more quickly to create more goods and services for more customers. So there is that to consider, in fact, one aspect of this “blockchain technology” seems to have a sliver of hope as it has the potential to decentralize banking and finance as we know it and help us remove our reliance on big corporations to handle these services for us.
