Quantum Computers Could Help Slash The Energy Use of Cryptocurrencies
Mining of cryptocurrency is the process by which new coins are created, and transactions are verified, requiring substantial computational power. It is often an energy-intensive activity that takes a huge amount of power out of the grid, and it remains a contentious issue amongst environmentalists and crypto critics. However, market analysts point out that the energy consumption of Bitcoin is minuscule compared to that of traditional financial institutions. According to data made available by the International Energy Agency (IEA), and quoted by Forbes Advisor, the banking system consumes over 200 terawatt-hours (TWh) of electricity annually, whereas bitcoin mining uses only 127 TWh. While there is a big difference between the two figures, the energy consumed by crypto mining is nonetheless huge and raises concerns. That usage exceeds the entire annual electricity consumption of countries like Norway and Sweden. More so, Bitcoin uses 707 kilowatt-hours (kWh) of electricity per transact