How much electricity does bitcoin need?

gokudera

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Quote from: Timere on June 21, 2018, 08:33:15 AM

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

Actually bitcoin needs only a few electricity because you only do is post. In signature campaign you just consume a minute to post but you need to do it every 30 minutes.

Satish147

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Quote from: Timere on June 21, 2018, 08:33:15 AM

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

Recently I heard that Gold mining is needed 25x more power than Bitcoin Mining. Most of the people are saying Bitcoin is consuming alot power for no underlying asset. But no body understands the potential of Bitcoin Scarcity and other unique features like universal currency and not controlled by any one or one single entity.

A Feeder

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Yes, bitcoin need so much electricity because bitcoin especially in mining its requires energy but i don't know how much energy that need bitcoin its up to your doing in mining/ how big the minor is. But that's very complicated to calculate and it consumes a great amount of electricity.

mojo2208

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in fact, very much. But nothing stands still and many companies are inventing less expensive ways of storing or extracting bitcoin Wink

roadwell890

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even though it takes a lot of electricity, but now the miner is getting smarter
they do not rely on electricity from the government alone, but they can also make electricity themselves, for example from water, wind, steam and so on
of course this matter actually encourages someone to be more creative and life-saving

rancakadu

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Not only depends on the main source of electricity, it might be difficult to calculate the consumption that is needed by a large number of users and bitcoin investors currently owned.

Nnedaddy1

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I read somewhere where it was stated that bitcoin minning consumed in the last couple of years electricity that is more than the consumption of tge entire country of Singapore.
So yes, bitcoin consumes massive electricity

zedrickjuls

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Quote from: Timere on June 21, 2018, 08:33:15 AM

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

If we do mining then it really requires more electricity because most miners consume lot if electricity but we the bounty hunters consume less electricity because we only spend a little time to do our task.

andika2018

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Quote from: Timere on June 21, 2018, 08:33:15 AM

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

Its hard to make precise calculation because every country have different electricity tariff. Miner in china have different cost with miner from europe because electricity in china cheaper. But i dont believe bitcoin network use more than 80% of the country separately electricity

tracy2233

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Bitcoin is a network that consumes a lot of energy over every single transaction. Keeping in mind its complexity and structure and mining process for blocks it could be harder to guess how much exact amount of electricity it might be using but for sure its using a greater share.

amaydel

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That's what i also have in my mind asking about the total energy a mining rig requires to mine bitcoin. It may cost high but i think the digital gold that you will mine is more than your electricity bill for the whole month, IMO.

Kunal666456

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This averages out to a shocking 215 kilowatt-hours (KWh) of juice used by miners for each Bitcoin transaction (there are currently about 300,000 transactions per day).

xanaxxx

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Quote from: Timere on June 21, 2018, 08:33:15 AM

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

I don't understand your question. What do you mean by 80% of the country separate electricity? It's really energy consuming, that is true, but nowehere near reaching 80% of any country's consumption.

kiboloves

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There's no doubt that the Bitcoin excavation will require more electricity in the future, possibly more than some small countries consume all year round, but what we need to know is that the electricity is usually idle in remote areas, and that doesn't pose a threat to the planet's energy situation.

DavidBolster

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If is obvious that bitcoin must need a great amount of electricity but how much the exactly amount is not published yet as far i know.

DoublerHunter

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If you are not into mining of cryptocurrency especially bitcoin then there is no electricity you need to get a bitcoin because you can just use your device like laptop or cellphone to work into different places like this forum by joining bounty campaigns and get a reward in form of token or coin and that is enough for you to expect bitcoin at the end.

boy130

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Quote from: Crystal24 on August 05, 2018, 04:21:46 AM

I read sometime ago that the energy consumed by bitcoin mining in recent times is more than that consumed by the entire country of Singapore.
So yes. Bitcoin mining consumes a lot of power.

Yes, Bitcoin mining is quite energy inefficient and if people outside crypto know anything about Bitcoin is that it uses a lot of power which is why some people are put off.

avoxosuccesful

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As much as i would have loved calculating it? i cant calculate it cause i think it is best calculated by minners or electrical organization in my country. and i dont think to calculate bitcoin electricity is easy to calculate .

Dico88

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There may be some sunny places like almost close to dessert. You also don't need to think about electricity because you can have solar power, every country that only depends on government electricity, that is the reason on your side as a miner, especially when you still have some equipment to use. Cool

Crystal24

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I read sometime ago that the energy consumed by bitcoin mining in recent times is more than that consumed by the entire country of Singapore.
So yes. Bitcoin mining consumes a lot of power.

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