Bitcoin mining usage may consume 0.5% of world's electricity

The transcript discusses the significant energy consumption of the Bitcoin network, which could reach 0.5% of the world's total by the end of 2018 and 5% within a few years. A single Bitcoin transaction uses as much electricity as a Dutch household in a month. The network's energy use is comparable to Ireland's and could rise to 7.8 gigawatts by the end of 2018. Bitcoin mining involves computers competing to solve complex calculations, with winners earning 12.5 bitcoins. As calculations become harder, more computational power is needed, leading to increased energy use. This process incentivizes participants to use more hardware, thus consuming more power.

By the end of 2018, what percentage of the world's electricity needs was Bitcoin expected to consume?

• 5%

• 0.5%

• 1%

• 2.5%

How much electricity does the Bitcoin network currently consume compared to a country?

• As much as Germany

• As much as Ireland

• As much as the Netherlands

• As much as France

What is the reward for successfully mining a block in the Bitcoin network?

• 50 bitcoins

• 12.5 bitcoins

• 25 bitcoins

• 6.25 bitcoins

What motivates participants in the Bitcoin network to use more hardware?

• Decreased energy costs

• Increased chance of winning

• Higher transaction speed

• Lower transaction fees

What is a consequence of the increasing difficulty of Bitcoin calculations?

• Reduced energy consumption

• Increased use of computational power

• Lower mining rewards

• Decreased number of transactions