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Author Topic: How much electricity does bitcoin need?  (Read 498 times)
Marlo Stanfield
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June 23, 2018, 08:58:23 PM
 #21

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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June 23, 2018, 08:58:42 PM
 #22

The following table shows the evironmental costs of bitcoin mining compared with other systems.




Only the energy consumption was considered in this study, so things like producing gold mining machinery, storing and transporting,
constructing about 600,000 bank branches etc. were excluded

Undoubtedly bitcoin mining consumes less energy than the other systems like gold mining, banknotes,
coins and the banking system

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June 23, 2018, 09:07:25 PM
 #23

Mining bitcoin unquestionably requires power and the amount it requires to mine is a theory. In any case, plainly it requires more power today to mine one bitcoin than a few years back.
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June 23, 2018, 09:09:52 PM
 #24

for rough math

and because an S9 is 14thash. and uses nearly 1.4kwh (i rounded for easy pen and paper math)
for every 10thash=1kwh
for every 1000thash=100kwh =1peta=100kwh
for every 1000phash=100mwh  =1exahash=100mwh

so with a block being made ~6 times an hour and the network hashrate ~35exa

3.5gwh/6= 583mwatt/block
with 12.5btc a block = 46mwat/btc
= ~$2333 at 5cent/kwh  to mine 1 btc

now for the big question
its the same argument as a farm that produces 10,000 potatos a season but the supermarket only buys 9000 perfectly shaped potato.. the farm then has 1000 potatos that go to rot.. he cant resell them next year.. they are just deemed as rot/waste produce.
so having a family store or a neighbourhood co-op asking to buy 350 'wonky veg' potatos. means the farmr gets more sold and less goes to waste

power plants can produce many gwh.. and once it hits the electric pilons. its gone.. whether its used by resident or industry  or whether the electric is unused. it cannot go back to the power station to then be reused later

EG if a power plant produces 100gwh  but the country/state only USES 80Gwh
the 20gwh does not return to be reused. so its actually good that a industry is buying3.5gwh that would have gone to waste anyway.
yes there is still 16.5gwh that a power plant produces that is being wasted/lost. but atleast now a power plant is getting more utility

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June 23, 2018, 09:27:38 PM
 #25

EG if a power plant produces 100gwh  but the country/state only USES 80Gwh
the 20gwh does not return to be reused. so its actually good that a industry is buying3.5gwh that would have gone to waste anyway.
yes there is still 16.5gwh that a power plant produces that is being wasted/lost. but atleast now a power plant is getting more utility

And more money. The unused power is not paid for, but the resources needed to produce it (which in many countries is still coal) are used.
It's funny that all this "green whining" became popular and everyone is repeating the same thing about Bitcoin being bad for the environment. If every household stopped leaving appliances on standby they'd save up at least $20 a year. Same thing for the LED lights. If they all threw away their tungsten bulbs they'd reduce their usage power usage by 80%.

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June 24, 2018, 12:15:02 AM
 #26

Machines crunch the algorithms, which are recorded for every single transactions. Mining for the bitcoins are difficult as opposed to the past where a desktop computer were used to mine for them, and now specialist hardware are used to mine them. In short putting an exact number of electricity is a bit complicated.

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June 24, 2018, 12:19:25 AM
 #27

if you mean the electrical energy used by the mining tool, then it's very big if the calculations are done on a world scale,
it looks like the power used, enough to turn a single Singapore country light

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June 24, 2018, 02:55:32 AM
 #28

An of now,  estimated annual electricity consumption is around 71 terawatt hours that costs about $3,556,000,000. According to a single study quoted by the Independent.co.uk, it is estimated that Bitcoin will be using 0.5 % of global electricity by end of this year and that is a huge number.

If you are willing to know more about the energy consumption of Bitcoin then you can have a look on this webpage, "Bitcoin Energy Consumption Index".

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June 25, 2018, 11:53:51 AM
 #29

Without electricity we can’t do anything. Technology can’t update without electricity. Bitcoin also need electricity because of their customer’s transaction. It can’t work without electricity.
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June 25, 2018, 12:02:22 PM
 #30

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?
Mining cryptocurrency is not terrible for the country's energy system - it's a drop in the ocean.
Now all automakers are planning to produce electric vehicles, which in my opinion will require more energy. Smiley
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June 26, 2018, 02:15:42 PM
 #31

An of now,  estimated annual electricity consumption is around 71 terawatt hours that costs about $3,556,000,000. According to a single study quoted by the Independent.co.uk, it is estimated that Bitcoin will be using 0.5 % of global electricity by end of this year and that is a huge number.

If you are willing to know more about the energy consumption of Bitcoin then you can have a look on this webpage, "Bitcoin Energy Consumption Index".

Maybe you need to think about how much bitcoin uses energy? 0.5% is very, very much. What will be next?
Timere
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June 26, 2018, 02:18:04 PM
 #32

The following table shows the evironmental costs of bitcoin mining compared with other systems.


https://i.imgur.com/h9Zi1fX.jpg

Only the energy consumption was considered in this study, so things like producing gold mining machinery, storing and transporting,
constructing about 600,000 bank branches etc. were excluded

Undoubtedly bitcoin mining consumes less energy than the other systems like gold mining, banknotes,
coins and the banking system

I think that these figures are very arbitrary. Who made this calculation and what indicators it used is unclear. You do not need to compare them either ...
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June 29, 2018, 02:20:25 AM
 #33

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?
In my opinion, the more the demands of bitcoin maybe more usage of electricity. We are using electronic device in every transactions in BTC that's why it needs electricity. It's a matter of disciplining one's self, if we love our mother earth then it follows the correct usage of consumption of electricity.
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June 29, 2018, 02:29:31 AM
 #34

Bitcoin energy consumption is expected to equal the entire consumption of Japan in the near future. This is why cryptocurrencies must migrate away from PoW and why nations must shift to renewable energy. The shift to PoS is welcome.
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June 29, 2018, 02:59:52 AM
 #35

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?


If bitcoin operated for the whole country of course all transaction are usually made only using gadgets such as cellphone and computer but using electricity for the said gadget are not so volume of electricity than the factory using electricity so, these will not affect to our mother earth.     
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June 29, 2018, 03:00:32 AM
 #36

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?

One of the greatest questions ever. We consume too much energy for cryptocurrency. More and more people joining, buying miners or running pcs for staking.

I dont think we can measure the amount of energy that people have used and the fact that we are not making any significant improvements in green energy is also a sad fact.
Apes
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June 29, 2018, 03:11:50 AM
 #37

Using bitcoin requires Electricity to work, but I do not think it's predictable how much power is used all depends on who's using it .. and all also depends on the tools used to get bitcoin, most tools require more electrical power and most likely will be a lot of bitcoin to be in can ..
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June 29, 2018, 10:55:05 AM
 #38


I think it can not be so much as that, 80% is impossible
Timere
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June 30, 2018, 10:19:42 AM
 #39

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?

One of the greatest questions ever. We consume too much energy for cryptocurrency. More and more people joining, buying miners or running pcs for staking.

I dont think we can measure the amount of energy that people have used and the fact that we are not making any significant improvements in green energy is also a sad fact.


On the one hand, it's very bad that we use so much energy. But I think that, on the other hand, it pushes humanity towards the invention of new technologies for obtaining energy.
InvestICO2L
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July 01, 2018, 05:47:46 PM
 #40

Using bitcoin requires Electricity to work, but I do not think it's predictable how much power is used all depends on who's using it .. and all also depends on the tools used to get bitcoin, most tools require more electrical power and most likely will be a lot of bitcoin to be in can ..
This is such a very difficult question for anyone who don’t use tool for mining. I think that only professional miners know this sort of information. Yep, I think it’s up to the tool that requires big or small amount of electricity . Often a miner,  who has a deep research on this field, will know what tool can help him to save more electricity. I think that to mine bitcoin, the miner probably  burn a huge amount of energy because in the beginning of this year, I’ve heard the news that our government starts to increase the price of using electricity with miner.

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