Topic: Bitcoin to use 0.5% of world’s electricity by end of 2018 (Read 571 times)
Individual mining of Bitcoin isnt child's play considering the finances and time involved to get it all set up. One major challenge is the quantity if energy been consumed within the region mining plants are situated thus an urgent need to get Hugh energy consumption reduced.
Electrical energy also plays a full role in this digital technology. and will always be needed from time to time. I don't think it can be separated. the more people dabbling in the world of cryptocureency or bitcoin, the more energy that will be needed to support operational performance. and I think it will be more than 0.5% by the end of 2018.
It will be interesting to know how much electricity does cryptocurrency uses around the world. The fact is that people usually don't mine bitcoins at home because antminers are very expensive and sometimes they don't have so much money at time to buy them, so instead of this, they prefer to buy GPUs which are cheaper and easy to sell anytime.
the idea of mining bitcoin is very lucrative and hence has become a business that the globe has decided to venture into and that has greatly increased the world or global consumption of the electricity so the speculation of the increase in percentage the technology will consume in the time to come is not far fetched.
This seems like fake and bogus news. A half percent of the worlds electricity is a staggering amount. I have trouble believing this story. Not saying it's 100% fake but that seems like an awful lot.
Quote
The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.
https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html
With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.
Interesting stats being posted all over the web, a quick google search tells me;
- The Annualized annual cost of mining bitcoin is roughly $3,656,073,069 & revenue is $4,949,099,234 [1]
- Bitcoin uses 1.5% of the total US energy/electricity consumption [2]
- Bitcoin annually is equivalent to the energy needed to provide 53.2 percent of the Netherlands' annual energy needs. [3]
Now, I personally think that we will need to find a more green way to mine, perhaps using this much electricity may not be sustainable at some point as the hash-rate continues to rise and more miners will start to enter the arena.
Sources:
[1] https://digiconomist.net/bitcoin-energy-consumption
[2] https://companycompare.co.uk/bitcoin-electricity-cost/
[3] https://www.statista.com/statistics/881522/bitcoin-energy-consumption-relative-to-select-countries/
0.5% is nothing. Computers and ACs are already using much more than that and bitcoins as much more important than these.
GPU's used in gaming cards to play video games = 0.1% of the world's electricity
CCTV cameras used in Banks and supporting financial industries - 0.01% of the world's electricity
Lights in Banks and supporting financial industries - 0.01% of the world's electricity
Air-conditioning units in Banks and supporting financial industries - 0.01% of the world's electricity
Can you see how useless this type of argument is? We all use electricity for something and we waste a lot of electricity on
things we need. We need Banks and we need Bitcoin and we need to waste electricity on playing games.
Disclaimer : Percentages were thumb sucked to make a point. It is not the actual global statistics.
CCTV cameras used in Banks and supporting financial industries - 0.01% of the world's electricity
Lights in Banks and supporting financial industries - 0.01% of the world's electricity
Air-conditioning units in Banks and supporting financial industries - 0.01% of the world's electricity
Can you see how useless this type of argument is? We all use electricity for something and we waste a lot of electricity on
things we need. We need Banks and we need Bitcoin and we need to waste electricity on playing games.
Disclaimer : Percentages were thumb sucked to make a point. It is not the actual global statistics.
0.5 of world's electricity?
Including wind and solar energy, I guess?
Including wind and solar energy, I guess?
If bitcoin use of electricity can be a disadvantage to the world energy,then the use of solar can be use to mine bitcoin
There will be innovations that alleviate these issues whether it is green energy more efficient mining rigs or different protocols (maybe all three?) I wouldn't worry too much.
Electricity efficiency will not reduce the electricity costs immediately. If the price of electricity is cheap then more power will be added. Bitcoin can be used to use 0.5% of the electricity worldwide by the end of 2018. Because most countries around the world are using Bitcoin and they will pay their electricity bills and other bills with these coins.
In fact, it's very bad that mining takes away so many of our resources! After all, electricity is extracted in a very complicated way and very harmful for mankind!
That would not be an issue if the used electricity gets replaced or produced by green power.
Bitcoin consuming more electricity is an allegation often used by critics and they would not even speak about other firms consuming huge electricity.
Bitcoin consuming more electricity is an allegation often used by critics and they would not even speak about other firms consuming huge electricity.
And then,what's the matter when bitcoin consuming 0.5% of worlds electricity,or even more than of that percentage. Consuming electricity through bitcoin is reasonable,unlike the others. It can helps people to earn profits in a good ways.
Yes, mining spends a lot of electricity, it needs innovation or using a tool that can save power supplies. but it is difficult because mining usage is adjusted to the difficulty level.
using other electric power such as waste power, solar power, and also hydro miner is the solution for saving power supplies.
using other electric power such as waste power, solar power, and also hydro miner is the solution for saving power supplies.
Quote
The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.
https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html
With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.
In this case, I think the bitcoin has consumed so much power. but it is comparable to its use, given its demanded a fast time.
and hopefully with the addition of electric power, it can help you and your country
Quote
The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.
https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html
With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.
Are you vary much sure about it sir.
I think Bitcoin and altcoin need to change to ensure transaction security and reduce power consumption! Electricity or other energy resources are needed for daily living needs!
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