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I brought one of my Moultrie M100 cameras home to do some tests. Moultrie claims the camera can operate on 4 or 8 AA batteries. I have been running 8 all the time. Yes, these cameras will operate on 4 batteries, but they have to be in either the left two rows or the right two rows as you look at the battery holder. The reason for this, it has to make a complete circuit. Any other two rows, leaves an open circuit and the camera does not turn on.
I tested eight new Energizer Lithium batteries and they gave me readings of 1.80 to 1.82 volt using a digital meter. I installed four batteries. These gave me 100% battery life and 250 days. I then installed the other four batteries for a total of eight batteries. This showed 100% battery life with the same 250 days.
In actual use the days could vary depending on how many pictures or videos the camera takes. If set to video, Moultrie cameras take a picture first, then the video. Also using eight batteries as compared to four, the battery power will last longer.