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As a quick gauge, a single bitcoin transaction has been reported to use the same amount of energy to power nine homes in the United States for one day.
In case, you’ve haven’t been following the news, there have ongoing buzz about cryptocurrencies, specifically bitcoins. In case, you are unaware about Bitcoin, here’s a quick visual snippet:
Though the focus has been on its continuing increase of its value and monetary agencies warning bitcoin investors to act with extreme caution, the energy consumption of such bitcoin transactions have been greatly overlooked which can have extreme effects on the environment.
In an opinion piece by The Straits Times, such transactions have been referred to as “burning mines”. The complex mathematical problems to process such transactions are becoming increasingly challenge to solve, making bitcoin miners to be quipped with high-speed processors.
Such transactions needs more energy and emit heat – which also need cooling systems such as huge fans to prevent breakdowns. Digiconomist – a cryptocurrency publication has projected that “energy will be exhausted by bitcoins than the whole of the US by July 2019, and the entire world’s energy consumption will be surpassed by the end of 2020”.
There’s no way cryptocurrencies are going to go away, but are we ready for such insatiable energy consumption. The author advises to do our bit by thinking twice before buying bitcoins. But would that be enough? There were such concerns about energy consumption by Google searches few years back but seems we’ve come a long way since then. Perhaps, we need to think about measures that could be put in place especially in countries where they use environmentally unfriendly source of energy such as coal?
NTU was ranked #3 on the Universities LeaderBoard Ranking at the recently completed 2017 EAC Engineering Academic Challenge. Thanks to all NTU players who contributed to this achievement.
The top 3 players on the Individual Ranking LeaderBoard players were awarded prizes sponsored by Elsevier for their active participation this morning at Lee Wee Nam Library by NTU librarian, David Tan. Congratulations to the 3 – Le Duc Long (MAE), Poh Wai Chang (MAE) and Tran Thu Ha (MSE)!
The first NTU Engineering Academic Challenge (EAC) Marathon 2017 was held at Lee Wee Nam Library Seminar Room on 1 November 2017 from 5 pm to 6:30 pm. Led by the EAC student ambassador, Pae Jian Yi (MAE), 12 NTU postgraduate and undergraduate students answered Week 7’s five challenge questions utilizing their searching skills in Knovel database. Players could view their scores in real-time and prizes were awarded to top scorers playing at the marathon event. Through the event’s activities, players improved their individual ranking, as well as NTU’s ranking, on the institutional EAC Leaderboard. Most students also indicate an improved awareness of the library’s research resources through their participation in the game. The EAC Challenge has been extended until 5 November 2017 so do take the opportunity to play here: https://eac.elsevier.com/
Look out for more events on NTU LIbraries home page!
Hello Engineering students,
The Engineering Academic Challenge is back! Explore the Engineering Village database and take part in the quiz, and stand a chance to win great prizes! Benchmark yourselves with the best engineering students around the world!
This year’s questions will cover 5 specific themes:
- Engineer the Tools of Scientific Discovery
- Restore and Improve Urban Infrastructure
- Provide Access to Urban Infrastructure
- Engineer Virtual Reality
- Engineer Better Robots
Visit www.elsevier.com/eac to find out more!