Bitcoin's Energy Consumption Can Power An Entire Country — But EOS Is Trying To Fix That

Proof of work (POW) is data that is costly and time-consuming to produce but easy for others to verify. The Bitcoin POW mechanism is so costly that it consumes the same amount of electricity it takes to power a country like Switzerland in one year. Bitcoin's current estimated annual electricity consumption …
Google Alert – bitcoin

POWER CONSUMPTION PERCEPTION POW CONSENSUS MECHANISM FOR BLOCK CHAIN (patentscope.wipo.int)

A power consumption perception PoW consensus mechanism for a block chain, comprising the following process steps: (1) in a Bitcoin system, all nodes compete with each other on the basis of respective computer computing power to jointly solve an SHA math problem that is complex to solve but easy to verify, and a node which solves the problem at the fastest speed obtains a block accounting right and Bitcoin award automatically generated by the system; (2) interconnecting physical servers…

Bitcoin

Iceland May Implement Bitcoin Mining Tax Due to Energy Consumption

Mining Bitcoin can be a lucrative venture under the right circumstances. With access to sufficient hardware, the mining process becomes a lot easier. Additionally, operators need cheap electricity to keep operational costs low. In Iceland, it seems the demand for electricity is on the rise thanks to Bitcoin …
Google Alert – bitcoin