Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is an electronic currency that has turned out to be progressively famous since its presentation in 2008. Exchanges in the bitcoin system are stored in a public transaction ledger also known as the blockchain, which is stored in a decentralized, peer-to-peer network. Bitcoin gives decentralized currency issuance and transaction clearance. The security of the blockchain relies upon a a compute-intensive algorithm for bitcoin mining, which anticipates twofold spending of bitcoins and tampering with confirmed transactions. This 'proof-of-work' calculation is energy demanding. How much energy is actually consumed, is subject of discussion. It is apparently that this energy consumption presently has very large amount. As discussed, the developments in bitcoin mining hardware. It also briefly outline alternative schemes that are less energy demanding, then finally look at other blockchain applications, and argue that also here energy consumption is somehow a concern.
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