~snip~
Even Christmas lights are provenly using more energy than crypto mining if I remember correctly.
Wait? How come Christmas lights are using more energy than crypto mining? That's hard to believe because those lights only work in December period, that's when the world will want to celebrate Christmas and start putting up the Christmas lights.I think @mk4 is referring to an old story in which the consumption of electricity in the context of Christmas lights in the US was mentioned again in relation to the total consumption of electricity in some other countries in a period of 1 year. In other words, more energy is spent on Christmas lights in the US than a country like El Salvador spends for the whole year.
In addition, it was calculated that all electrical devices in the US consume more energy only in standby mode than Bitcoin consumes for a whole year.
Bitcoin Mining Wasteful? Christmas Lights Use More Energy Than Some CountriesThat was a long time ago!
There was a report of Christmas light consuming close to 6TWh but that comes with two big buts:
- funny as it might sound Christmas light consumption has gone down by a ton because of led bulbs
- Bitcoin consumption has only gone up and as long as the daily $ in reward for miners will keep going up so will consumption.
A lot of energy in relation to who or what?
A new report says that energy consumption has fallen even more compared to last year, which means that mining devices are becoming more efficient.
Estimated energy consumption has fallen, not the real one!
The whole drop was caused by their estimating that there are less old-generation models on the market and more highly efficient ones so the actual consumption for the said hash rate would be lower.
But energy efficiency can't really change the overall consumption this is a bit different than one might think:
Case one:
You have an air conditioner that consumers 5kwh, you replace it with one at the same specs that does 3kw, you will consume on average 3/5 of what you previously did.
Case two:
You have there S9s you replace them with an s19xp, you now consume the same amount of electricity but with a higher hashrate so you get more income. Even if everyone switches their gear from older generation to the newer they will not try as a consumer does to keep the same hashrate, they will simply exchange 1MW of gear with 1MW of gear.
No matter how efficient the gear is if the reward spikes by tomorrow to twice as much in a few months' time you will have twice the electricity consumption cause miners will do everything to get a larger chunk of that reward.