Blockchain Impact on Energy Use

November 2020

Blockchain is an evolving computer technology allowing information to be transmitted securely and efficiently over the internet.  It relies on computing power from many computers that run day and night.  Miners are individuals who “contribute” their computers for this purpose and are compensated with cryptocurrency – a digital currency.

This process requires a large amount of electricity.  In communities where electricity is paid through monthly condo fees individuals could run computers from their home, and be compensated for this, with the community paying for this commercial use of electricity.  In this respect, blockchain is not unlike short-term rentals where a resident earns income while offloading costs of doing business to the community.

Communities without individual suite metering may notice spikes in electrical use that may result from miners powering and cooling their computer systems.  Those with suite metering are not impacted since suites with higher electricity use pay individually for this use.