As the CEO of Hut 8, one of North America’s largest cryptocurrency miners and the world’s largest publicly traded cryptocurrency miner, I’m often asked questions about energy consumption in the mining of cryptocurrency. Unfortunately, there are many misconceptions around energy use and why it’s required to safely and securely transact cryptocurrencies.
During our ribbon-cutting ceremony in the City of Medicine Hat in September 2018, a reporter asked me how I felt about something “frivolous” like bitcoin using so much energy.
Hydro-Quebéc (HQ) is a public utility that manages the generation, transmission and distribution of electricity in Quebec, Canada, but it finds itself in a position of generating more power than its customers need.
In an article from Le Journal de Québec, Éric Martel, president and CEO of HQ, relates how HQ is facing a death spiral for electricity consumption.
According to an article published by Business Insider, Dutch bank ING recently published a study suggesting that bitcoin mining consumes too much electricity. The report claims that a single bitcoin transaction consumes as much electricity as a house in a whole month, and compares it to the amount of electricity traditional electronic payment methods consume per transaction.