Topic: Bitcoin energy consumption - unsustainable? (Read 729 times)
The energy consumption is very large. I heard that the single bitcoin transaction takes a lot of energy. I hope that the lightning network will be integrated soon.
AntMiner S9 is more energy efficient as compared to old mining devices. It consumes about 0.1 W/Gh...way less than .27 W/Gh in the article. So its better to replace a old miner to a new one as it consumes less electricity and hence more profits.
I think after all the blocks are mined that energy consumption will be cutoff and it will get close to sustainable.
Even after blocks stop giving the mining bonus (and that will be years into the future), new blocks will still have to be generated to hold new transactions. Currently, bitcoin network consumes 26 TWh a year or 250 kWh per single transaction and is growing at a rate of over 1% daily (according to this website https://digiconomist.net/bitcoin-energy-consumption.)
250 kwh (single transaction!) is now roughly the same to to what an average home/household uses in a month.
Is this really sustainable?
If bitcoin should grow even more, how much power will be used just to run it?
250 kwh (single transaction!) is now roughly the same to to what an average home/household uses in a month.
Is this really sustainable?
If bitcoin should grow even more, how much power will be used just to run it?
oh so expensive for a single transaction only? i have no idea on that part, thats a big wasting of energy to continue, if bitcoin grew ever more, they need to provide a solar power or other alternate energy source so supply they energy needs and not to waste more energy to be less paid.
This was kind of worked on with NEM coin's proof of importance (POI) which is a modified proof of stake algorithm, which requires that accounts be used to transact rather than simply hoard to increase importance to enable 'staking' if you will, I doubt the miners would release Bitcoin's POW algorithm so easily... It is very expensive to secure a POW blockchain.
The most important and the foremost reason for the energy consumption in bitcoins is minning.
Miners continuously try to get their block done.. and in fact if someone out there is successful in finding " nonce "
The other miners have to accept it and they stop working on their project because it only allows one blick to be mined in 10 minutes .
Now for this gambling 1000's of miners are sitting at their home and running big machines that consumes a lot of power..and then there is also the case of transactions
I think after all the blocks are mined that energy consumption will be cutoff and it will get close to sustainable.
Miners continuously try to get their block done.. and in fact if someone out there is successful in finding " nonce "
The other miners have to accept it and they stop working on their project because it only allows one blick to be mined in 10 minutes .
Now for this gambling 1000's of miners are sitting at their home and running big machines that consumes a lot of power..and then there is also the case of transactions
I think after all the blocks are mined that energy consumption will be cutoff and it will get close to sustainable.
Wow I never realised it took so much enegery for just 1 transaction!!
Crazy
Crazy
Cost of maintaining paper money is also huge.
Bitcoin should be compared to digital transfers like credit cards or PayPal.I don't know what their costs are, but I'm sure PayPal isn't paying $5 per transaction.
250kwh per transaction isn't that much if you think that Bitcoin has potential to become a worldwide currency.
The result I'm getting at 0.1W/Ghash is 66 kWh per transaction, so let's assume that instead of 250 kWh.Based on Wikipedia data, 66kWh is the per capita power consumption for:
24 days, based on a global average
4.5 days in Canada (highest usage in the world?)
According to that, if everyone in the world did 1 transaction per week, you would need 3.4 more worldwide power generation.
Currently, bitcoin network consumes 26 TWh a year or 250 kWh per single transaction and is growing at a rate of over 1% daily (according to this website https://digiconomist.net/bitcoin-energy-consumption.)
250 kwh (single transaction!) is now roughly the same to to what an average home/household uses in a month.
Is this really sustainable?
If bitcoin should grow even more, how much power will be used just to run it?
250 kwh (single transaction!) is now roughly the same to to what an average home/household uses in a month.
Is this really sustainable?
If bitcoin should grow even more, how much power will be used just to run it?
Is a banking transaction will need much the same energy other than bankers branches needed. I don’t know the answer but for sure it is more than a cryptocurrency production does. Then if it is not comparable with that data then this 250kwh is enough for me especially that most country are using nuclear energy that is more efficient and cheap than a coal plant that is dangerous environmentally.
250kwh per transaction isn't that much if you think that Bitcoin has potential to become a worldwide currency. Cost of maintaining paper money is also huge. You have to print additional money, distribute it and utilize old bills. Not to mention the high possibility of forgery. It isn't possible to forge Bitcoin, it's not even that easy to steal it.
It can't be 0.36 BTC per month, because that would cover the cost of the S9 within a month, no?
Multiplying the current global hash rate by 0.1W/Ghash, and assuming a low cost of 0.08$ per kWh, I'm getting a cost per block/10 minutes of about 13,000 US$. That's more than $5 of electricity per transaction! Do you get the same result?
Assuming 12.5 + 2.5 BTC income per mined block, at current exchange rates 15 BTC x 6K$ = 90,000$. That means at most the hash rate can grow by 7 before becoming completely uneconomical. And there are costs other than electricity, so maybe x5-6. More than that would require more efficient hashing chips, or higher transaction fees.
Multiplying the current global hash rate by 0.1W/Ghash, and assuming a low cost of 0.08$ per kWh, I'm getting a cost per block/10 minutes of about 13,000 US$. That's more than $5 of electricity per transaction! Do you get the same result?
Assuming 12.5 + 2.5 BTC income per mined block, at current exchange rates 15 BTC x 6K$ = 90,000$. That means at most the hash rate can grow by 7 before becoming completely uneconomical. And there are costs other than electricity, so maybe x5-6. More than that would require more efficient hashing chips, or higher transaction fees.
Is the calculation there correct? The article mentions 0.27W/Ghash, but modern mining machines, like the S9, are about 0.1 W/Gh. Don't most miners use that nowadays?
Anyway, I think the major issue currently is the transaction rate. If Bitcoin can be made to process x1000 the transactions, the power cost per transaction becomes much more reasonable, though still high. At 10^4 or 10^5 the current rate it will be reasonable, and at 10^6 or more it will become negligible.
Anyway, I think the major issue currently is the transaction rate. If Bitcoin can be made to process x1000 the transactions, the power cost per transaction becomes much more reasonable, though still high. At 10^4 or 10^5 the current rate it will be reasonable, and at 10^6 or more it will become negligible.
Miners often complaint about high electricity consumption...I think this power consumption calculation is of some old generation mining machine. Latest Mining machine AntMiner S9 have power efficiency of 0.098 W/Gh and approx 0.3603 BTC earned per month.
Is the calculation there correct? The article mentions 0.27W/Ghash, but modern mining machines, like the S9, are about 0.1 W/Gh. Don't most miners use that nowadays?
Anyway, I think the major issue currently is the transaction rate. If Bitcoin can be made to process x1000 the transactions, the power cost per transaction becomes much more reasonable, though still high. At 10^4 or 10^5 the current rate it will be reasonable, and at 10^6 or more it will become negligible.
Anyway, I think the major issue currently is the transaction rate. If Bitcoin can be made to process x1000 the transactions, the power cost per transaction becomes much more reasonable, though still high. At 10^4 or 10^5 the current rate it will be reasonable, and at 10^6 or more it will become negligible.
What do you think is the energy consumption of the entire global banking system? I guess you don't know? Why do you call a few Mw 'unsustainable' if you don't know how much your current banking system consumes?
If you start your math, take this parameters as a start:
- Ressources to build and maintain everything worldwide from paper money, coins, banks, atms, salaries and and and etc pp
- Energy consumption of everything regarding the banking system
You will soon realize, that Bitcoin will never ever waste more energy, than the banking system is wasting right now.
ALso you have mining farms, processor factories, wallet companies, etc etc. Bitcoin now with a very low market capitalization of the whole financial market takes up a disproportionate energy share. 5 billion daily compared to 14 trillion just for the US. Bitcoin uses almost 1% of US power and just a 0,001% od its dailz transactions.If you start your math, take this parameters as a start:
- Ressources to build and maintain everything worldwide from paper money, coins, banks, atms, salaries and and and etc pp
- Energy consumption of everything regarding the banking system
You will soon realize, that Bitcoin will never ever waste more energy, than the banking system is wasting right now.
What do you think is the energy consumption of the entire global banking system? I guess you don't know? Why do you call a few Mw 'unsustainable' if you don't know how much your current banking system consumes?
If you start your math, take this parameters as a start:
- Ressources to build and maintain everything worldwide from paper money, coins, banks, atms, salaries and and and etc pp
- Energy consumption of everything regarding the banking system
You will soon realize, that Bitcoin will never ever waste more energy, than the banking system is wasting right now.
If you start your math, take this parameters as a start:
- Ressources to build and maintain everything worldwide from paper money, coins, banks, atms, salaries and and and etc pp
- Energy consumption of everything regarding the banking system
You will soon realize, that Bitcoin will never ever waste more energy, than the banking system is wasting right now.
It's actually exciting don't you think? If Bitcoin will end up replacing money then people will be forced to harness energy in every possible way. Sustainable energy will then be an even more pressing mission. If all the houses in the world have their own solar panels, every river has its own hydro plant and ever mountain or field has wind turbines then I doubt the world will still run out of energy.
Great thinking mate and this will be first development step of bitcoin that it will teach people to be independent and relay on their own energy resources and if this thing will be adopted that every house will harvest his own energy then there will be no power dissipation and bitcoin mining will be more easier as compared to now so hope so this thing will be implemented to give people a lot of eases and profit. 
Currently, bitcoin network consumes 26 TWh a year or 250 kWh per single transaction and is growing at a rate of over 1% daily (according to this website https://digiconomist.net/bitcoin-energy-consumption.)
250 kwh (single transaction!) is now roughly the same to to what an average home/household uses in a month.
Is this really sustainable?
If bitcoin should grow even more, how much power will be used just to run it?
250 kwh (single transaction!) is now roughly the same to to what an average home/household uses in a month.
Is this really sustainable?
If bitcoin should grow even more, how much power will be used just to run it?
With this analysis, there is need to exercise fear concerning the amount of energy that bitcoin production is consuming which if it continues this way will end up consuming the entire power of a community of about a year.
However, this is something that has been envisaged before the entire bitcoin will be fully mined by 2140 you will agree with me that if we are above 16 million bitcoins according to some sources already mined, then going by that trend we should even finish mining before the next five years but because of the difficulty that has been factored into the design, this will then enable bitcoin to sustain to that point which is over 100 years from now. It will then get to the point where 1 bitcoin will not be mined in a whole year and effort will be channeled on those that have already been mined.
Woah! I never imagined this has caused so much problem not only in our society but on the whole world! This is a very alarming issue and I hope that the state of every country will help this community if ever needed. It is just a sad truth that there are a lot of greedy miners out there who consumes so much energy and don't even realize the outcomes and the cost of what they are doing. 
it is not miner's fault to be honest
it is the foundation on which btc was build on
It's actually exciting don't you think? If Bitcoin will end up replacing money then people will be forced to harness energy in every possible way. Sustainable energy will then be an even more pressing mission. If all the houses in the world have their own solar panels, every river has its own hydro plant and ever mountain or field has wind turbines then I doubt the world will still run out of energy.
In future this will be an issue and to overcome this countries holding the cheap electricity production will be having lots of large scale mining farms. When the consumption increases automatically the transaction fee too will increase. This will directly affect the growth, for which plans need to be made prior.
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