{"id":630,"date":"2019-07-07T10:29:06","date_gmt":"2019-07-07T10:29:06","guid":{"rendered":"https:\/\/techcavit.com\/?p=630"},"modified":"2019-07-18T22:08:21","modified_gmt":"2019-07-18T22:08:21","slug":"bitcoin-consumes-more-power-annually-than-switzerland-a-study-at-cambridge-university-reveals","status":"publish","type":"post","link":"https:\/\/techcavit.com\/bitcoin-consumes-more-power-annually-than-switzerland-a-study-at-cambridge-university-reveals\/","title":{"rendered":"Bitcoin Consumes More Power Annually Than Switzerland, A Study At Cambridge University Reveals"},"content":{"rendered":"\n<p>The recent price upheaval seen in cryptocurrencies has been the hot topic in the cryptocurrency community. Crypto traders and investors have had a rough couple of days as this volatile market keeps shifting by the day. <\/p>\n\n\n\n<p>At press time though, most cryptocurrencies, led by bitcoin seem to have struck a purple patch as they are recording small gains over the last 24 hours.<\/p>\n\n\n\n<p>However, at the University of Cambridge, a certain group of researchers have been busy developing an index that computes the amount of electricity used by the bitcoin network. <\/p>\n\n\n\n<p>This online tool indicates that the bitcoin network consumes more electricity than Switzerland. This revelation has left many in shock.\u00a0<\/p>\n\n\n\n<p>It is not the first time we\u2019ve heard bitcoin and Switzerland in the same sentence. Not so long ago, a lot of conversations have sprung up concerning the correlation between the price of bitcoin and Swiss franc, Switzerland\u2019s fiat currency. Now with the ongoing economic uncertainties, bitcoin has been recognized as a safe haven by investors alongside Swiss franc.<\/p>\n\n\n\n<h3><strong>Bitcoin\u2019s Energy Consumption Exceeds That of An Entire Nation<\/strong><\/h3>\n\n\n\n<p>This time around, the conversation is centered on bitcoin\u2019s electricity consumption. This research was prompted by concerns over the impact of bitcoin mining on the environment. <\/p>\n\n\n\n<p>Cambridge Centre for Alternative Finance at the University of Cambridge developed an <a href=\"https:\/\/www.cbeci.org\/\">index<\/a> known as Cambridge Bitcoin Electricity Consumption Index (CBECI) to calculate the amount of electricity that powers bitcoin in real-time then calculating annual power usage.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent price upheaval seen in cryptocurrencies has been the hot topic in the cryptocurrency community. Crypto traders and investors have had a rough couple of days as this volatile market keeps shifting by the day. At press time though, most cryptocurrencies, led by bitcoin seem to have struck a purple patch as they are [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":631,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,32],"tags":[172,1415,380,1416],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 (Yoast SEO v19.5.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Consumes More Power Annually Than Switzerland, A Study At Cambridge University Reveals<\/title>\n<meta name=\"description\" content=\"The recent price upheaval seen in cryptocurrencies has been the hot topic in the cryptocurrency community. 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