Published On: Mon, Oct 16th, 2017

Dutch Bank Complains About How Much Electricity Bitcoin Uses

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Dutch Bank ING released a report complaining about the energy amount that the average Bitcoin transaction consumes.
When it comes to Bitcoin, some people just aren’t happy unless they’re finding something to complain about. The fact that it’s essentially a revolution in finance and individual liberty isn’t important. What is important is what they consider the drawbacks of Bitcoin to be. The most recent example comes from the Dutch bank ING, who just released a report complaining about the high energy cost associated with every Bitcoin transaction.

Leaving All the Lights On in the House
The report from Dutch bank ING looks at the energy consumption of the average Bitcoin transaction from several angles. On one hand, they note that the use of a tremendous amount of electricity makes fraudulent transactions costly by keeping the verification of trades expensive. This high cost does serve as a deterrent to those who would seek to cause mischief.
ING senior economist Teunis Brosens says:
By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power. Together, …

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