The Energy Consumption of Blockchain Technology: Beyond myths
When talking about blockchain technology in academia, business, and society, frequently generalizations are heard about its – supposedly inherent – enormous energy consumption. This perception inevitably raises concerns about the further adoption of blockchain technology, a fact that inhibits the rapid uptake of what is widely considered to be a groundbreaking and disruptive innovation. However, blockchain technology is far from homogeneous, meaning that blanket statements about its energy consumption should be reviewed with care. This talk intends to bring clarity to the topic in a holistic fashion, looking beyond the energy consumption of Bitcoin and covering the economics of the energy consumption of proof of work blockchains in general and the key differences compared to proof of stake and permissioned blockchains.