Topic: Power consumption of Bitcoin mining (Read 1049 times)

In fact, bitcoin mining does require enormous electricity. In Bitcoin transactions, it will be processed and validated by miners in the Bitcoin network. Whereas in mining it performs calculations and calculations called "hashes".
Hash operation is needed as a solution to complex mathematical algorithm solutions. If the miner is successful, he will get a number of new Bitcoin units (reward), plus a certain amount of transaction costs.
This mining process will guarantee system security in the Bitcoin network. According to Sebastian Deetman (a 2010 Leiden University Industrial Ecology graduate), the Bitcoin mining process consumes approximately 350 megawatts of electricity. That amount is equivalent to the electricity needs of 280,000 households in America

Wow, somebody went and created a Reddit topic about it:
https://www.reddit.com/r/Bitcoin/comments/9vsoft/how_much_energy_does_it_take_to_cool_down_all/

Anyhow seems you were a bit wrong, a few hundred times wrong:

The problem with that argument is this.

The energy used to cool down those sodas is fairly constant from year to year and took multiple years to reach ,
It also won't require double or triple the amount next year to accomplish the same, in fact thru advancements in refrigeration technology it is probably a little less each year.
Also Bitcoin has achieved no where near the adoption of Coca Cola usage.

The problem is Bitcoin Continued Geometric Energy Growth Rate,
If Bitcoin Growth rate was stable or only grew by a few % per year it would be no problem as supply would be able to match demand.

Thinking a Product can continue wasting energy at a geometric rate without having a seriously damaging effect on the environment
and the other participants in energy usage, shows an amazing lack of foresight.

Bitcoin Energy waste is noting more than waste as their is no geometric increase in transaction performance only an excuse that the waste = security.
The Fact is the Waste itself is a security issue painting a target on every ASICS installation for a rogue military element with a few RPGs,
to easily destroy the entire bitcoin network in a few short hours. The remaining few ASICS would be unable to keep the bitcoin network running if said attack occurred.
Or
Since in many countries , a permit has to be applied for to draw that much electricity,
and approval or removal of said permits can be used as a way to manipulate owners of those ASICS Warehouse
into including or excluding transactions per the Government Officials requests.

Energy Waste does not increase security, it turns Bitcoin Security into a Glass shield that a few bricks from a few politicians can easily crack.

The Vulnerabilities are apparent to any not blinded by personal desires.  

travelling to china will cost you more than your electric bills caused by bitcoin mining and also i heard that bitcoin mining is already banned in china . china is also a modern country with large population so i dont think that the cost for thier electricity is cheap when compared to other poorer countries like africa and india .


bitcoin mining only generate bitcoins but it cant be used for creating new coins , afaik there are services online that offers coin creation and i think their method is not totally related to mining .

I read that the price of bitcoin can not fall below a certain amount, since the high cost of electricity. I also know that the stellar blockchain is ecological ( energy-consuming ), that is realy ?

Actually mining costs are one of the biggest problems of bitcoin. According to a new study of Oak Ridge Institute in Cincinnati, Ohio, the amount of energy required to “mine” one dollar’s worth of bitcoin is more than twice that required to mine the same value of copper, gold or platinum.
It also happens with other cryptos, but the amount of energy required is lower that the bitcoin does.
In the long term, the environmental impact of cryptocurrencies will vary not only with their market value, but also according to the adoption of new technologies.
I think new and advanced types of processor technology can lessen the need for power and this will be a big step to keep mining profitable.

Only in the Bitcoin network produces about 50 quintillion operations per second. Based on each received us dollar, such calculations require 17 MJ of energy, this is two - three times more than the usual extraction of gold, platinum or rare earth metals. The only resource that requires energy greater than  this level , is aluminum, the electrolysis of which consumes really huge amounts of enegry.

source: https://naked-science.ru/article/sci/mayning-kriptovalyut-trebuet-bolshe

great response in such simple form

If you count all Coca Colas, that have to be cooled down to 5 C at this moment, you will find out that it uses 10 times more energy than Bitcoin mining.

These sort of articles are very much one sided. For every argument the MSM puts up against digital currency, I can come up with 100 arguments on the contrary. What about the forests which are saved when we shift from physical cash to digital cash?

yes, I have 3 rigs and that is true each Rig requires the electrical power of approximately 1500W. based on my experience, mine fortunately a little because the market dropped so that the exchange rate and income also declined. after making various considerations in facing the downturn, it is more convenient to conduct long-term trading and investment.

I think the electricity used for digging bitcoin is negligible compared to some of today's inefficient technologies, and in many places it has used natural energy instead of digging bitcoins.

if what is meant is that large-scale mining on a company scale will be very influential, and this has become a debate in China. but if it is only involved in individuals, it does not have an impact and will still be environmentally friendly.

I don't see conspiracies here because the consumption of bitcoin mining continues to grow in accordance with the increasingly complicated blocksize.

Power consumption of bitcoin is one of the reasons the enemies of bitcoin are after it. They are claiming that the environment is being harmed by the emission from bitcoin mining. I do not believe this and it is still working towards destroying of bitcoin. I still believe that miners should not give them the chance to kill bitcoin by looking for other energy sources for bitcoin mining.

I have read much about bitcoin mining and i come to know that it is good for creation of coins but the cost of power consumption for it is more than coins you can earn so for bitcoin mining consumption power is high and it is the reason that most of the miners are shift to China because the electricity is cheap there so mining is good but cost should be keep in mind before doing any thing in life.

Today I read the news and saw interesting information that the mining cryptocurrency takes more power than real mining. How you think about this , that is real ?

yeah bitcoin mining will take more electricity to produce coins and also the price of bitcoin is more.

Low electricity consumption is a very relative statement. Computers of today have extremely low consumption compared to first computers (which occupied multiple rooms in univerisities) while they are extremely more powerful. Sure, you can go further and probably in 50 years people will not believe how we could be using what we are using today.

Anyway, mining can be eco-friendly if it is powered with a dedicated river or wind turbine power station.

Energy-saving bitcoin mining methods can only be obtained by innovating computer processors or chips regarding performance and power requirements, I think in the future there will emerge the latest generation of computers that are capable of sophisticated computing but with low electricity consumption.

Yeah it is really very bad thing in the crypto. recently i read a news about  Mining. The news was talked about how bitcoin mining can impact our environment and it will lead to global temperature upto 2 degree Celsius by 2033.
For your reference i have added news link
https://www.firstpost.com/tech/science/bitcoin-mining-is-a-significant-contributor-global-warming-warn-scientists-5484091.html