As ‘cryptomania’ gripped trading markets at the end of 2017, a disturbing fact about the early blockchain algorithms used in platforms like Bitcoin and Ethereum came to the fore: they use staggering amounts of electricity. Estimates suggest that powering Bitcoin’s daily transactions – the largest of the cryptocurrencies by market value – consumes the energy equivalent of a country , recently surpassing Denmark and Ireland . While there is some debate over the exact figures , it is evident that the mining process of validating transactions on a blockchain has a significant energy downside. But what if, rather than creating yet another energy crunch, blockchain could instead be a solution, migrating us more quickly to a clean, resilient, affordable, and distributed energy system? We believe the unique […]