one bitcoin transaction equals to almost 300KWh of electricity

[Jet Cash]

Anna Golobova states that -
 one bitcoin transaction equals to almost 300KWh of electricity, which is “enough to boil around 36,000 kettles full of water,
in an article on Kitco news
http://www.kitco.com/news/2017-11-27/Bitcoin-Uses-Up-More-Power-Than-Any-Of-These-159-Countries.html

What a load of Golob.

How much does Visa use, and the banking system - you need to include the generation of the virtual fiat currencies in this calculation as well.

[meer45]

When it says transaction, is it referring to one person sending bitcoins to another person, or something else? Is that much energy really required confirm just one transaction?

I'm also wondering whether the energy requirement depends on the amount of bitcoins being sent as well.

[Jet Cash]

When it says transaction, is it referring to one person sending bitcoins to another person, or something else? Is that much energy really required confirm just one transaction?

I'm also wondering whether the energy requirement depends on the amount of bitcoins being sent as well.

I suspect she is talking a load of spherical objects, and doesn't understand Bitcoin. It's probably the amount ofpower required to generate a block. Also, it may include the power used in maintaining the Bitcoin nodes - I've got a node running whilst I post this, so what percentage can be attributed to the node?

I bet more energy is used by Twitter and its followers, and then there is YouTube, and the rubbish that is downloaded there.

[theguy217]

When it says transaction, is it referring to one person sending bitcoins to another person, or something else? Is that much energy really required confirm just one transaction?

I'm also wondering whether the energy requirement depends on the amount of bitcoins being sent as well.

What are you gonna do with all this info


Oh just saw your signature. Nvm

[aoluain]

holy cow, when I saw this thread title I thought "that cant be right"

and how right I was, I think she may have her figures right but the
facts may be off . . . just a little.

It may be the block she is referring to, you would want to be getting
your facts and figures right 

[Jet Cash]

What are you gonna do with all this info

I don't understand your question. Misinformation like this affects all of us, and is designed to discredit Bitcoin.

Of course I don't need stupid facts like this, but I do need to know what is being said about Bitcoin - Kitco is quite an influential site in the investment world.

[meer45]

When it says transaction, is it referring to one person sending bitcoins to another person, or something else? Is that much energy really required confirm just one transaction?

I'm also wondering whether the energy requirement depends on the amount of bitcoins being sent as well.

What are you gonna do with all this info


Oh just saw your signature. Nvm

I'm just being critical, man. I don't need concrete numbers, I doubt anybody can provide any numbers on this. I'm just trying to understand what the writer meant with one transaction, because I think the numbers in the article are exaggerated and whether the writer knows what she is really talking about.

[User365]

Well, I honestly think that is not much, I mean look at the countries mentioned.

Furthermore, you have to calculate a bunch of things for visa transactions too.

- Producing the cash money and coins, plastic cards
- Hardware of the ATM´s (everybody can have his wallet on his phone or hardware wallet)
- Server hardware for their servers
- If bitcoin goes mainstream you can use 90% of the employed people by banks somewhere else
- (Ultra expensive offices of banks   )

[UpsilonTrooper]

Seems like this is counting a ton of stuff including

• Cost to mine 1 Bitocin
• Cost to maintain the network
• Cost to actually do the transaction

And then of course the other misc costs involves

[redhondaxrm125]

Lol. Oh well, what can i say? Another say at the job. Seems like common sense is just so common and has become too boring for these type of peole to use. Lol.
I mean, why the fck would you even dare to speak when you don't even know sht about what you are talking about? Makes no sense. Is it just for the publicity? Damn. Id rather be unknown than to be famous because of my stupidity. Damn.

Gave me a good laugh though.

[redhondaxrm125]

Lol. Oh well, what can i say? Another say at the job. Seems like common sense is just so common and has become too boring for these type of peole to use. Lol.
I mean, why the fck would you even dare to speak when you don't even know sht about what you are talking about? Makes no sense. Is it just for the publicity? Damn. Id rather be unknown than to be famous because of my stupidity. Damn.

Gave me a good laugh though.

Couldn't agree more.
This is soo soo true. These bastards just talk amd talk about things that they can't even explain. Because obviously they don't know shot about what they are talking about. And base their opinions on shitty claims of other people whom like them are stupid and also base their opinions on hear says of FUDDERS. These people just irritates me so much.

[UpsilonTrooper]

Lol. Oh well, what can i say? Another say at the job. Seems like common sense is just so common and has become too boring for these type of peole to use. Lol.
I mean, why the fck would you even dare to speak when you don't even know sht about what you are talking about? Makes no sense. Is it just for the publicity? Damn. Id rather be unknown than to be famous because of my stupidity. Damn.

Gave me a good laugh though.

Couldn't agree more.
This is soo soo true. These bastards just talk amd talk about things that they can't even explain. Because obviously they don't know shot about what they are talking about. And base their opinions on shitty claims of other people whom like them are stupid and also base their opinions on hear says of FUDDERS. These people just irritates me so much.

Did you mean to switch to an alt? Cause it's kinda obvious you will agree with yourself......

[stompix]

When it says transaction, is it referring to one person sending bitcoins to another person, or something else? Is that much energy really required confirm just one transaction?

I'm also wondering whether the energy requirement depends on the amount of bitcoins being sent as well.

I suspect she is talking a load of spherical objects, and doesn't understand Bitcoin. It's probably the amount ofpower required to generate a block. Also, it may include the power used in maintaining the Bitcoin nodes - I've got a node running whilst I post this, so what percentage can be attributed to the node?

I bet more energy is used by Twitter and its followers, and then there is YouTube, and the rubbish that is downloaded there.

The article is based on this one:
https://digiconomist.net/bitcoin-energy-consumption

Now to be honest, when you compare bitcoin with Visa, did you compare also the number of users each one has?

The main flaw in that article is that the cost per transaction is power consumption /tx per day.
If we would add segwit tx into the picture the price will go down.
If we add the LN , nobody would be able to calculate the energy spent for a tx.

[Lampaster]

When it says transaction, is it referring to one person sending bitcoins to another person, or something else? Is that much energy really required confirm just one transaction?

I'm also wondering whether the energy requirement depends on the amount of bitcoins being sent as well.

I suspect she is talking a load of spherical objects, and doesn't understand Bitcoin. It's probably the amount ofpower required to generate a block. Also, it may include the power used in maintaining the Bitcoin nodes - I've got a node running whilst I post this, so what percentage can be attributed to the node?

I bet more energy is used by Twitter and its followers, and then there is YouTube, and the rubbish that is downloaded there.

You are right of course but this is not an argument. I think it's overpriced. I understand if there were ways to solve this problem. But you can easily increase the size of the block and the transaction value will be significantly reduced. As the energy consumption per transaction. What is stopping you? The greed of miners? It turns out that we are all their hostages.

[dothebeats]

When it says transaction, is it referring to one person sending bitcoins to another person, or something else? Is that much energy really required confirm just one transaction?

I'm also wondering whether the energy requirement depends on the amount of bitcoins being sent as well.

No, that is total bollocks and utter bullshit on her part. That is exaggeration at its finest to make bitcoins look awful compared to other traditional payment systems. If that was the case, do you think miners would still keep on mining if a single transaction would be that expensive to hash? No, absolutely not. As of this writing, bitcoin's transaction per second is set @ 4.64, so this girl mean to say that in every second, bitcoin farms are burning 1392 KWh of energy for 4 transactions? It just doesn't add up.

[stompix]

No, that is total bollocks and utter bullshit on her part. That is exaggeration at its finest to make bitcoins look awful compared to other traditional payment systems. If that was the case, do you think miners would still keep on mining if a single transaction would be that expensive to hash? No, absolutely not. As of this writing, bitcoin's transaction per second is set @ 4.64, so this girl mean to say that in every second, bitcoin farms are burning 1392 KWh of energy for 4 transactions? It just doesn't add up.

Global hashrate:                                                        11 500 000 TH/s.
Considering the average miner the S9                                      14 TH/s.

We have around 800 000 miners.
Energy consumption : 1375W. Let's assume a PSU with 90% efficiency and we get around 36kWh.
Since we're seeing 300k transactions that would lead to something around 100kWh per tx.

BUT.
And this is the biggest but, I haven't considered power at the wall, I've done the numbers with almost the best miner available, not added in cooling and ...bitcoin mining is highly profitable right now.
We are going to see another wave of miners hitting the markets pretty soon. (more power consumption / unfortunately same tx numbers till LN).

[filharvey]

I don't think that it would be a correct information.With the activation of lightning network,i hope that this issue of huge electricity usage would be solved.

These people don't know any clear information and they just want to criticize bitcoin by any means.