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Author Topic: How much electricity does bitcoin need?  (Read 510 times)
Timere
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June 21, 2018, 01:33:15 PM
 #1

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?
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Magiklair
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June 21, 2018, 01:43:42 PM
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We can estimate the energy consumption, based on the complexity of bitcoin. Complexity is the value calculated by the protocol and attached to each block. Complexity measures the average number of hashes left by the miner to search for one real block.
Timere
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June 21, 2018, 01:51:27 PM
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We can estimate the energy consumption, based on the complexity of bitcoin. Complexity is the value calculated by the protocol and attached to each block. Complexity measures the average number of hashes left by the miner to search for one real block.

I think that to calculate how much the entire network uses bitcoin and compare with the amount of energy that a particular country uses can only be done with special skills in the field of electricity
minefreak
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June 21, 2018, 02:10:48 PM
 #4

yeah, bitcoin need a great amount of electricity!
but it will not become a threat because companies will develop more efficient miner and energy company will start to sell renewable energy to consumers!
that's why I think Bitcoin is not a threat!
Marlo Stanfield
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June 21, 2018, 02:12:54 PM
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Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

80%? Where did you see that? Almost all of the Bitcoin mining is done in China, and there's no way it's even remotely close to 80%.

Big mines do use a lot of power though. That's why some of them set up shop next to hydroelectric power stations and such.
BitGunner
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June 21, 2018, 02:19:58 PM
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The statistics of the International Energy Agency do not use megawatts or gigawatts, but use MTEE (one million tons of oil equivalent). One TNE is 11.63 MW-h. The total energy consumption in the world in 2017 is estimated by them at 13,647 Mtoe or 158,714,610 GWh.
vladaziya4
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June 21, 2018, 02:22:29 PM
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It depends on how you do it, you need to do everything with your head and study it. What they want to block, of course, is not correct.
sponge_bob13
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June 22, 2018, 05:14:58 PM
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Though bitcoin mining requires energy but I really don't think this expense can be so much like 80% of the total energy. It costs much electricity but that doesn't mean it will be such big amount.
Marlo Stanfield
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June 22, 2018, 07:54:27 PM
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Though bitcoin mining requires energy but I really don't think this expense can be so much like 80% of the total energy. It costs much electricity but that doesn't mean it will be such big amount.

In theory it's possible if it really took over the world in some form. 80% is probably pretty unrealistic though unless everything else became super low energy(which probably won't happen).
Crypto.mgt
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June 22, 2018, 08:23:18 PM
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In the mean time the mamain airport of The Netherlands has installed the ATM for bitcoin. People are making transactions through bitcoin and ethereum for journey purposes. This have made their transactions very easier.
mohammedmattar
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June 22, 2018, 08:32:02 PM
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I think this process is somewhat complicated
And must be specialists in the field of electricity
And the field of bitcoin that they hold sessions to reach a solution to this problematic
richshopgh
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June 22, 2018, 09:11:24 PM
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Bitcoin electricity consumption is not easy to calculate. 80% of consumption of the whole country electrical power won't be true. Bitcoin generation consumes power but not to that extent.
mktpromp
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June 23, 2018, 06:02:38 AM
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basically if you need to use crypto currency then you need electricity for mining based on this it cost too high that’s why many people can’t do this bases on this many developers are thinking and working about it so the price of electricity may low .
cherryfer
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June 23, 2018, 06:31:34 AM
 #14

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?



Consumption of using electricity for bitcoin is not totally volume and fully consumed because computer or cellphone is only minimal output of current this is not like a big factory that fully used of electricity, so  bitcoin using energy is not cause if there is a problem in our planet earth.
bachsoi2799
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June 23, 2018, 01:33:38 PM
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Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?
As you know, a bitcoin digger usually uses up to six graphics cards. Even more recently, when using NVIDIA's VGA, the number of a VGA array has increased to 8. However, the most commonly used are 6 VGA arrays. For reliable and reliable power supplies, users often choose high power (PSU) power supplies with a capacity of 1000W - 1500W. So we spend 24 KWh for 1 day and 720 KWh for 1 month.
jaythelingly
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June 23, 2018, 02:50:58 PM
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Mining requires energy but it cannot be said how much because it depends on how big the minor is. But it cost a considerable amount of electricity.
barsametu01
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June 23, 2018, 08:26:25 PM
 #17

Well, bitcoin need a huge amount of electricity. Moreover, it differs from country to country. More to that, it also depends on how you are planning to invest on it.
cryptofeel
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June 23, 2018, 08:33:19 PM
 #18

Mining bitcoin certainly requires electricity and how much it requires to mine is a speculation. However, it is clear that it requires more electricity today to mine one bitcoin than a couple of years ago. Relatively, the cheaper electricity is in your country, the easier it is to mine on the all.
Crypto one
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June 23, 2018, 08:45:03 PM
 #19

Who owns the reliable information that the network bitcoin uses more than 80% of the countries separately electricity. Bitcoin also multiplied by several times the amount of energy consumed in the last year. Is this really true, who will say? So there are thoughts that bitcoin in a couple of years will be a threat to the energy situation on the planet?

80% of what country's electricity ? bitcoins  use to much electricity.



The bitcoin network currently uses as much electricity as Ireland and is set to consume 0.5 per cent of all the world’s electric energy by the end of this year.

One single bitcoin transaction requires as much electricity as the average Dutch household uses in a month.

https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-energy-use-electricity-cryptocurrency-a8353981.html
Marlo Stanfield
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June 23, 2018, 08:58:23 PM
 #20

In the mean time the mamain airport of The Netherlands has installed the ATM for bitcoin. People are making transactions through bitcoin and ethereum for journey purposes. This have made their transactions very easier.

Going in and out of BTC or any other crypto means you're going get hit twice with the spread that the middle men are taking. And that's not even considering if there's actual fees on top of the spread(which can be pretty big too). Not many situations that you can really get in and out cheaply.
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