The Energy Consumption of Blockchain Technology: Beyond Myth

• DOI: 10.1007/s12599-020-00656-x
• Publication Date: 2020-06-19T12:02:45Z
• Authors: Johannes Sedlmeir; Hans Ulrich Buhl; Gilbert Fridgen; Robert Keller
• Keywords: : Computer science [C05] [Engineering, computing & technology]; Cryptocurrency; Energy consumption; Blockchain; Sustainability; ddc:330; ddc:000; 0202 electrical engineering, electronic engineering, information engineering; Distributed ledger technology; 02 engineering and technology; : Sciences informatiques [C05] [Ingénierie, informatique & technologie]; 7. Clean energy

AbstractWhen talking about blockchain technology in academia, business, and society, frequently generalizations are still heared about its – supposedly inherent – enormous energy consumption. This perception inevitably raises concerns about the further adoption of blockchain technology, a fact that inhibits 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. The article is meant to bring clarity to the topic in a holistic fashion, looking beyond claims regarding the energy consumption of Bitcoin, which have, so far, dominated the discussion.