Heterodox
The Bitcoin mining industry consumes 22.5 TWh of energy annually, which amounts to 13,239,916 barrels of oil equivalent. With 12.5 bitcoins being mined every 10 minutes, that means the average energy cost of one bitcoin would equate to 20 barrels of oil equivalent....Bitcoin transactions are secured by computer miners, who are competing for rewards in the form of coins from the network. The more computation power they use, the better their chances. The drill rig is a computer, and hydraulic...
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