Bitcoin to use 0.5% of world’s electricity by end of 2018

[richardsNY]

And also the miners is keep increasing the price of VGA cards and make it rare.
it's really hard to find nvidia 1080 in my country with a logic price and the stock is almost always 0

It's artificial control of supply from the manufacturer. If Nvidia or AMD want, they can flood the market with so much supply, that the prices of graphic cards will drop back to their pre mining boom. It's all part of their game plan, and I am sure that they won't be changing anything to that. It works extremely well, so why would they even change things? These businesses are worth more than ever before, and they want to keep it like that. I see a lot gamers complain, but in the end they still pay the premiums because they don't have any other option. The prices won't decrease in the coming years, so either adapt to the situation or stick with lower tier graphic cards.

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[Kayum10029]

May be possible. Now a days bitcoin is using world trading ecosystem.... educational platform.... marketing &financing...... why not electricity...

[jhonnydeep87]

Bitcoin will use all of the world's energy production by 2020 perhaps before that will not happen but about 6% of the world's electricity. If the network can be used as well as possible in the near future.

[Hirameki]

And also the miners is keep increasing the price of VGA cards and make it rare.
it's really hard to find nvidia 1080 in my country with a logic price and the stock is almost always 0

It's artificial control of supply from the manufacturer. If Nvidia or AMD want, they can flood the market with so much supply, that the prices of graphic cards will drop back to their pre mining boom. It's all part of their game plan, and I am sure that they won't be changing anything to that. It works extremely well, so why would they even change things? These businesses are worth more than ever before, and they want to keep it like that. I see a lot gamers complain, but in the end they still pay the premiums because they don't have any other option. The prices won't decrease in the coming years, so either adapt to the situation or stick with lower tier graphic cards.

Dont worry mate, as long as the cryptocurrency gains dominance we would see many electronic companies that will manufacture devices that are specified for mining only. Samsung had already made its statement and it something that we can hold on.

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.

It'S kind of alarming how much engery is used, thats something which should be discussed, too.

You shouldn't. Energy is everywhere we just need to utilized it for out benefit. Technical people always find ways on how we can create or harvest energy.

[mmo4me.2016]

I think Bitcoin and altcoin need to change to ensure transaction security and reduce power consumption! Electricity or other energy resources are needed for daily living needs!

[TommyJr]

Are you vary much sure about it sir.

[Scavagers]

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.

I know that bitcoin mining consumes a lot of power but what makes it consumes more electricity is that it needs to be powered so that it can run smoothly. Mining facilities have powerful units and it is not just one but many units running at the same time, let us include the ventilation. Those units needed to be in a cool place so that it will not over heat. Mining facilities are not just in one place, there are many around the world and they mine more than they can mine before. Let us add those individual miners from their homes,it also consumes a lot of electricity.

[budismile]

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.

In this case, I think the bitcoin has consumed so much power. but it is comparable to its use, given its demanded a fast time.
and hopefully with the addition of electric power, it can help you and your country

[zolfa]

Yes, mining spends a lot of electricity, it needs innovation or using a tool that can save power supplies. but it is difficult because mining usage is adjusted to the difficulty level.

using other electric power such as waste power, solar power, and also hydro miner is the solution for saving power supplies.

[Axelseseclevz]

And then,what's the matter when bitcoin consuming 0.5% of worlds electricity,or even more than of that percentage. Consuming electricity through bitcoin is reasonable,unlike the others. It can helps people to earn profits in a good ways.

[r32godzilla]

That would not be an issue if the used electricity gets replaced or produced by green power.

Bitcoin consuming more electricity is an allegation often used by critics and they would not even speak about other firms consuming huge electricity.

[Veterock]

In fact, it's very bad that mining takes away so many of our resources! After all, electricity is extracted in a very complicated way and very harmful for mankind!

[ALI AKBAR]

Electricity efficiency will not reduce the electricity costs immediately. If the price of electricity is cheap then more power will be added. Bitcoin can be used to use 0.5% of the electricity worldwide by the end of 2018. Because most countries around the world are using Bitcoin and they will pay their electricity bills and other bills with these coins.

[whitewolfofcoinstreet]

There will be innovations that alleviate these issues whether it is green energy more efficient mining rigs or different protocols (maybe all three?) I wouldn't worry too much.

[iagyei259]

If bitcoin use of electricity can be a disadvantage to the world energy,then the use of solar can be use to mine bitcoin

[sniper23]

0.5 of world's electricity?

Including wind and solar energy, I guess?

[Kprawn]

GPU's used in gaming cards to play video games  = 0.1% of the world's electricity

CCTV cameras used in Banks and supporting financial industries - 0.01% of the world's electricity 

Lights in Banks and supporting financial industries - 0.01% of the world's electricity 

Air-conditioning units in Banks and supporting financial industries  - 0.01% of the world's electricity 

Can you see how useless this type of argument is? We all use electricity for something and we waste a lot of electricity on

things we need. We need Banks and we need Bitcoin and we need to waste electricity on playing games. 

Disclaimer : Percentages were thumb sucked to make a point. It is not the actual global statistics. 

[maodaf]

0.5% is nothing. Computers and ACs are already using much more than that and bitcoins as much more important than these.

[motionerror]

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

With mining facilities looking to be more and more electrically efficient with the coming years, I feel they will be pushing our electrical technology to tiers that will help us on a global scale.

Interesting stats being posted all over the web, a quick google search tells me;

- The Annualized annual cost of mining bitcoin is roughly $3,656,073,069 & revenue is $4,949,099,234 [1]
- Bitcoin uses 1.5% of the total US energy/electricity consumption [2]
- Bitcoin annually is equivalent to the energy needed to provide 53.2 percent of the Netherlands' annual energy needs. [3]

Now, I personally think that we will need to find a more green way to mine, perhaps using this much electricity may not be sustainable at some point as the hash-rate continues to rise and more miners will start to enter the arena.

Sources:
[1] https://digiconomist.net/bitcoin-energy-consumption
[2] https://companycompare.co.uk/bitcoin-electricity-cost/
[3] https://www.statista.com/statistics/881522/bitcoin-energy-consumption-relative-to-select-countries/

[juljon18]

This seems like fake and bogus news. A half percent of the worlds electricity is a staggering amount.  I have trouble believing this story.  Not saying it's 100% fake but that seems like an awful lot.