Energy use of proof-of-work blockchains

Energy use of proof-of-work blockchains

The Bank for International Settlements has criticized the public proof-of-work blockchains for high energy consumption. Nicholas Weaver, of the International Computer Science Institute at the University of California, Berkeley examines blockchain's online security, and the energy efficiency of proof-of-work public blockchains, and in both cases finds it grossly inadequate. The 31—45 TWh of electricity used for bitcoin in 2018 produced 17—22.9 MtCO2.