Bitcoin, Ethereum, and the energy conundrum
While Bitcoin and Ethereum consume more energy annually than some developed nations, it is a monumental challenge to precisely determine the energy mix powering the distributed set of nodes participating in these networks.
An estimate by The University of Cambridge Centre for Alternative Finance (CCAF) has projected Bitcoin's total energy consumption was around 130-terawatt hours annually.
Ethereum – the most popular blockchain network for Decentralised App (DApp) development – has also been running a highly energy-intensive global platform. An Investopedia article in late 2021 pointed out that the Ethereum network uses 99.6 terawatt-hours of electricity each year.
The topic of energy use by cryptocurrency has seen polarised reactions. On one hand, some who believe Bitcoin (and other crypto-assets like Ethereum) are scams or channels for money laundering, usually maintain that their energy consumption is unnecessary and far too wasteful.
On the other hand, those in favour of these currencies as decentralised platforms for storing their wealth think the energy spend is required.
The Decrypting Story takes a closer look at these arguments. Read more.
Editor’s Pick: Bambouandbunch
It is never too late to begin an entrepreneurial journey. Based in Mumbai, 65-year-old Hema Sarda is working with artisans in Gujarat and tribal regions of Assam to make unique bamboo jewellery.
Hema’s journey began in 2016 when she came across a unique piece of Assamese bamboo jewellery at a handicraft fair in Delhi and bought a couple of them to see if she could give a shot at making them.
Bootstrapped with an initial investment of Rs 15,000, direct-to-consumer (D2C) brand Bambouandbunch says it has consistently generated annual revenue of Rs 50,000 to Rs 1 lakh. Read more.
Startup Spotlight
Connecting via failure stories
Bhubaneshwar-based , born August 2020, is an all-in-one online platform that offers a wide range of services to help everyone overcome failures, conquer mental health and emotional challenges, strategise career and deal with everyday concerns for personal, emotional, and professional growth. Read more.
Top Stories of the Week
- Here’s how Mumbai-headquartered edtech unicorn Eruditus, founded by Ashwin Damera and Chaitanya Kalipatnapu in 2010, made a name for itself amid the popularity of MOOC (massive open online courses) platforms like , , and EdX.
- After reports of layoffs at Lido and , investors caution startup founders to reserve cash for at least 12 months as fundraising in 2022 would not be as simple as 2021. What does this mean for growth-stage startups?
- The first Indian woman to scale Mount Everest, Bachendri Pal, shares her journey from childhood to now. At 68, she still runs 25 km every day to prepare for a first-of-its-kind expedition of women aged 50 and above. HerStory brings you more.
- In this week’s Techie Tuesday, we feature Ramesh Kumar Katreddi, VP Engineering of Bengaluru-based B2B ecommerce platform .
- SocialStory spoke to Hari Marar, MD and CEO, Bengaluru International Airport Limited, about the airport authority’s sustainability goals as well as social activities for the larger community.
Before you go, stay inspired with…
“When you're doing the first pitch, you're asking people to believe in an idea..and that YOU are the people that can execute this idea.”
— Vasanth Kamath, Co-founder and CEO, smallcase
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