Why Bitcoin uses so much energy

The energy demand of Bitcoin (BTC) and other cryptocurrencies is rising every day, and that's no accident. The special algorithm Bitcoin uses requires computers to compete for validation rewards, or mining. As the network grows, so does the energy usage and potential carbon footprint. Is there a way to curtail this impending crisis? Is the environmental footprint accurately measured? Let's explore how the Bitcoin blockchain actually works and why it's growth is a growing concern for our climate.

Timeline:
0:00 start/intro
1:11 What is Bitcoin?
2:25 What is a blockchain?
5:52 What is "proof-of-work"?
7:16 The cost and benefits of Bitcoin mining
8:51 Global Bitcoin energy estimates
10:14 Conclusions/Summary

References:
Bitcoin basics: https://www.investopedia.com/tech/how-does-bitcoin-mining-work/
Bitpanda Academy: https://www.bitpanda.com/academy/en/lessons/how-does-a-blockchain-work/
Energy estimates: https://bitcoinmagazine.com/articles/introducing-cbei-a-new-way-to-measure-bitcoin-network-electrical-consumption
CBEI: https://cbeci.org/
Digiconomist: https://digiconomist.net/bitcoin-energy-consumption
Banks vs Bitcoin: https://medium.com/@zodhyatech/which-consumes-more-power-banks-or-bitcoins-8302750fe2bc
ASIC wiki: https://en.bitcoin.it/wiki/ASIC#:~:text=An%20application-specific%20integrated%20circuit%20%28abbreviated%20as%20ASIC%29%20is,step%20of%20development%20after%20CPUs%2C%20GPUs%20and%20FPGAs
mining calculator: https://www.cryptocompare.com/mining/calculator/btc?HashingPower=15&HashingUnit=TH%2Fs&PowerConsumption=0&CostPerkWh=0&MiningPoolFee=1
Other helpful videos on this topic:
TEDx: How can we sustainability power a cryptocurrency future? https://www.youtube.com/watch?v=hukR1LysU2Y
Anton Petrov: https://www.youtube.com/watch?v=meXWKQkQMXI

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Видео Why Bitcoin uses so much energy канала Saving Green