Originally posted by Chuck H
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The series diodes drop around 0.6V each and thus dissipate a little power (0.6V times a few mA load current).
The battery only sees the load current, which is essentially the same with or without the diodes.
Without the diodes the pedal would dissipate a little more power, corresponding to essentially the same current but higher voltage.
(Dissipation always refers to power.)
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