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Author Topic: With great power comes a great electricity bill  (Read 4037 times)
Come-from-Beyond
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March 24, 2015, 07:33:51 PM
 #1

Is there somewhere statistics on Bitcoin miners electricity consumption?
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xhomerx10
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March 24, 2015, 07:40:56 PM
 #2

https://blockchain.info/charts/hash-rate

 Multiply that by an estimated joules per Ghash/s and you have the estimated network consumption.

at 0.7 joules/Ghash/s ~ 280MW


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March 24, 2015, 07:46:20 PM
 #3

https://blockchain.info/charts/hash-rate

 Multiply that by an estimated joules per Ghash/s and you have the estimated network consumption.

at 0.7 joules/Ghash/s ~ 280MW


Not too bad, thankfully were not all on less efficient things like GPU's still or it would be a lot higher.














 

 

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kingcolex
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March 24, 2015, 08:15:08 PM
 #4

Progress typically requires an expenditure of some kind of energy. I'm sure if you bothered to search you would have found plenty of info on the topic, but I fear you have other reasons for making threads like these.
Want to go in depth on that a bit? You think there is an alternative motive? Maybe trying to push a POS coin or push the Bitcoin should POS debate?














 

 

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MicroGuy
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March 24, 2015, 08:19:26 PM
 #5

Progress typically requires an expenditure of some kind of energy.

My understanding is in terms of energy efficiency, Bitcoin mining ranks as the biggest waster of power since the invention of electricity.

The entire bitcoin network could be sustained safely on less than 1000 watts. lol  Cheesy

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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March 24, 2015, 08:25:45 PM
 #6

Progress typically requires an expenditure of some kind of energy.

My understanding is in terms of energy efficiency, Bitcoin ranks as the biggest waster of power since the invention of electricity.

The entire bitcoin network could be sustained safely on less than 1000 watts. lol  Cheesy
Except it couldn't be called decentralised network then.
It's good the way it is and power consumption will eventualy get lower as the time goes and btc per block reward will get lower.
POS isn't future in my eyes at all.

The only online casino on which i won something. I made 17mBTC from 1mBTC in like 15 minutes.  This is not paid AD!

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MicroGuy
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March 24, 2015, 08:28:36 PM
 #7

Except it couldn't be called decentralised network then.

Incorrect. You don't have to mine to preserve the blockchain. The flaw is in the reward system design. It encourages waste.

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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March 24, 2015, 08:31:12 PM
 #8

Progress typically requires an expenditure of some kind of energy.

My understanding is in terms of energy efficiency, Bitcoin mining ranks as the biggest waster of power since the invention of electricity.

The entire bitcoin network could be sustained safely on less than 1000 watts. lol  Cheesy
Eh I think a lot of people use it for heat so I don't know if it is the biggest, maybe things like giant electric pumps that make wave pools or other things like that?














 

 

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bluemountain
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March 24, 2015, 08:32:18 PM
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no doubt you will find a relationship between fossil fuel consumption and electrical rates, my guess is it's contantly with contribution of hashrate
valkir
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March 24, 2015, 08:38:02 PM
 #10

280 MW that's a lot of Electricity!
With 1800 block its around 450 000 $ that a lot of electricity for 450 000 $  Tongue

██     Please support sidehack with his new miner project Send to :

1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
SirChiko
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March 24, 2015, 08:41:02 PM
 #11

Except it couldn't be called decentralised network then.

Incorrect. You don't have to mine to preserve the blockchain. The flaw is in the reward system design. It encourages waste.
But you see ASIC chips get upgraded more and more often so it wastes less electricity after every new technology.
I belive in next 2 years the eletricity consumption of bitcoin will get atleast to half that it represents now.

The only online casino on which i won something. I made 17mBTC from 1mBTC in like 15 minutes.  This is not paid AD!

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March 24, 2015, 08:56:23 PM
 #12

Except it couldn't be called decentralised network then.

Incorrect. You don't have to mine to preserve the blockchain. The flaw is in the reward system design. It encourages waste.

 The blockchain in stasis is utterly useless to bitcoin.  Miners are required to verify new transactions; the reward was to get them started.
Anyway, that wasn't even part of your original, flawed argument which was:

...The entire bitcoin network could be sustained safely on less than 1000 watts. lol  Cheesy

 I'm pretty sure you said "network" there.  lol Cheesy

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March 24, 2015, 09:07:56 PM
 #13

Miners are required to verify new transactions; the reward was to get them started.

Having one miner actually do the work (the block winner) and all the other miners (block losers) waste their efforts is the definition of "inefficiency".

http://www.merriam-webster.com/dictionary/inefficiency

Maybe Satoshi owns a lot of stock in power companies. Shocked

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
SirChiko
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March 24, 2015, 09:19:44 PM
 #14

Miners are required to verify new transactions; the reward was to get them started.

Having one miner actually do the work (the block winner) and all the other miners (block losers) waste their efforts is the definition of "inefficiency".

http://www.merriam-webster.com/dictionary/inefficiency

Maybe Satoshi owns a lot of stock in power companies. Shocked

We don't force all the miners to do that work. It's their own choice and it would be more of a lottery if everyone would go solo.
For some miners it's just an hobby. Also with current pooled mining your argument is invalid as all the miners that worked on so said block will get reward by ammount of their work done on block.

The only online casino on which i won something. I made 17mBTC from 1mBTC in like 15 minutes.  This is not paid AD!

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MicroGuy
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March 24, 2015, 09:21:41 PM
 #15

We don't force all the miners to do that work. It's their own choice and it would be more of a lottery if everyone would go solo.
For some miners it's just an hobby. Also with current pooled mining your argument is invalid as all the miners that worked on so said block will get reward by ammount of their work done on block.

Who is we?

Bitcoin is great, but its reward system encourages the wasting of electricity. This is an indisputable fact.

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
xhomerx10
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March 24, 2015, 09:23:20 PM
 #16

Miners are required to verify new transactions; the reward was to get them started.

Having one miner actually do the work (the block winner) and all the other miners (block losers) waste their efforts is the definition of "inefficiency".

http://www.merriam-webster.com/dictionary/inefficiency

 At first I thought you were ignorant but now I see you're just trolling. You and I arguing about those things we cannot change is also an inefficient use of our time but the beauty of it is that I can change that efficiency.  I'm done. Have fun.  lol Cheesy


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March 24, 2015, 09:25:26 PM
 #17

Miners are required to verify new transactions; the reward was to get them started.

Having one miner actually do the work (the block winner) and all the other miners (block losers) waste their efforts is the definition of "inefficiency".

http://www.merriam-webster.com/dictionary/inefficiency

 At first I thought you were ignorant but now I see you're just trolling. You and I arguing about those things we cannot change is also an inefficient use of our time but the beauty of it is that I can change that efficiency.  I'm done. Have fun.  lol Cheesy



I'm done too. There is no point in debating the obvious.  Cheesy

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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March 24, 2015, 09:27:04 PM
 #18

Some of the best miners achieve 1KW with 1TH.

The network has 354142 TH/s at the momment.


S5 =Hash Rate: 1155 GH/s ±5%
Power Consumption: 590 W (at the wall)
2 Th or so with 1kw














 

 

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SirChiko
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March 24, 2015, 09:30:22 PM
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We don't force all the miners to do that work. It's their own choice and it would be more of a lottery if everyone would go solo.
For some miners it's just an hobby. Also with current pooled mining your argument is invalid as all the miners that worked on so said block will get reward by ammount of their work done on block.

Who is we?

Bitcoin is great, but its reward system encourages the wasting of electricity. This is an indisputable fact.
Well i meant to say nobody is forcing them to mine and it's their free choice to do so.
Well it is an fact that it wastes alot of electricity but also many other things do. And miners can get electricity even from solar systems and i belive that atleast 10-20% of miners use that advantage.

The only online casino on which i won something. I made 17mBTC from 1mBTC in like 15 minutes.  This is not paid AD!

▀Check it out yourself▀
alh
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March 24, 2015, 09:40:52 PM
 #20

We don't force all the miners to do that work. It's their own choice and it would be more of a lottery if everyone would go solo.
For some miners it's just an hobby. Also with current pooled mining your argument is invalid as all the miners that worked on so said block will get reward by ammount of their work done on block.

Who is we?

Bitcoin is great, but its reward system encourages the wasting of electricity. This is an indisputable fact.
Well i meant to say nobody is forcing them to mine and it's their free choice to do so.
Well it is an fact that it wastes alot of electricity but also many other things do. And miners can get electricity even from solar systems and i belive that atleast 10-20% of miners use that advantage.

While in terms of "miner" (i.e. people or entities), it might be as high as 10%, I am sure Solar only covers less than 1% of actual mining production. Mining is a 24x7 year round operation, Until you move off planet you don't get that much sun.
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