Hahaha well that really is the irony of mining, thats why we needs to purchase high-number pieces of technology to lessen power consumption.
What on Earth? Purchase more equipment to reduce power consumption? No.
Factoring in the technological improvement in ASIC, the power consumption efficiency is getting higher and higher with the cost of the equipment. This can help to reduce power consumption. Solar power and renewable energy would probably be more developed and widely used by then.
Again NO. Power consumption is not affected by mining efficiency. Mining efficiency only affects difficulty.
Again NO. The source of the power used does not affect power consumption. Using 100 GW of solar power is the same as using 100 GW of coal power. It is the same amount of power.
Eventually, technological advances will lower the cost of resources required to mine Bitcoins. You are not addressing that with your math. I will post more detailed calculations later.
i will wait for your post about calculations.
I also am waiting with baited breath for your math showing how the cost of resource used to mine Bitcoins will be going down. Are you expecting a breakthrough in cold fusion? BTW if the cost of power were to actually go down then the Bitcoin network would adjust by using more power until it again consumed the maximum power it could afford.
So if the cost of power goes down the Bitcoin network would consume even more power - not less.Note that the cost of power (c) is in the denominator in the power estimation formula meaning that the lower the cost of power the higher the power consumption:
P = (6(50/2
e) + f)(x)(1 - g)/c [kW]
where:
x = exchange rate [USD/BTC]
e = era [0..32] (we are currently in era 1)
f = average fees per hour [BTC/hour]
c = cost of energy [USD/kWh]
g = average gross profit margin [unitless ratio]
