How much electricity does bitcoin need?

[dark1234]

Global Problem of Cryptocurrency Mining
High Demand for their Electricity No matter how much electricity is being consumed by mining efforts, electricity usage is still increasing
since miners must invest even more kilowatt-hours to receive the same (or even lower) returns.
Simultaneously, the volatile nature of the cryptocurrency economy has seen Bitcoin along with every
other cryptocurrency rise to new record highs.

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https://coinmarketcap.com/coins/
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Even though Bitcoin block rewards were halved in 2016, electricity consumption has continued growing
exponentially from about 11.5 terawatt-hours in May 2017 to 65 terawatt-hours in May 2018. The Bitcoin
network is currently processing upward of 300,000 daily transactions, with electricity consumption per
single transaction being equal to nearly 850 kilowatt-hours. Considering the next block halving will occur
in 2020, Bitcoin mining is unlikely to become more sustainable for the foreseeable future.

[virendarnagpal]

Bitcoin is to function by burning electricity.  It's mining; trading both require electricity.  It is surely spreading pollution.  But it  does not mean that we should stop using crypto.
We have to find other solutions to control pollution.  Systems computers hardwares are being developed which are using less energy.  We have to find more energy efficient hardware.
Another solution to the issue is that we should find and start using alternate renewable sources like solar; wind; hydro etc.  When we will switch to renewable we will get the solution.

[fosco333]

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?

Not really. I think bitcoin mining electricity cost doesn't spend that much. Now we have many ASIC miners for bitcoin. ASIC is more effective than GPU.
The energy consumption relative small if you compare with the very high hash rate in ASIC. So, i think the energy of the earth will be okay.

[Sanchezino40]

Bitcoin require a lot of energy is o function very well. There are some who claim that mining Bitcoin require a lot of energy to the point that if you don't have the necessary equipment and financial stability, you can't venture into mining if BTC. It require good energy to function properly

[Wajan]

if I need electricity only through phone calls, I work in bitcoin using a telephone tool and also I also use mining tools to help the business work on bitcoin.

[MarieMoore12]

When I started investing in bitcoin machines, and the monthly electricity bill for the power company was $ 5000, that time, even I did not have a word for this job. But I keep my own nearly 100 bitcoin, I have sold almost all the bitcoins I own at that time to repay the bank. But by the end of 2017, I was lucky enough to sell my remaining bitcoin.

[jeffer8035]

bitcoin if it consumes enough electricity but to say that 80% of the amount of a country is a lie is not really a threat since there are renewable energy horita and in the future there will be more types of energy as the solar can be adapted to the mining machines and then it would be used massively and that can affect the entire planet is false and the next few missing for clear mining is difficult and will last for years to be mined the last block of the bitcoin chain but consume the banks in the ATMs and on servers that the entire chain of blocks

[Micerker]

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?

It's fun to say that the Bitcoin system consumes electrical power. The blockchain is a decentralized ecosystem that is made up of networked devices. If you are a computer user, you are contributing to Blockchain. The development of this new planet causes everything to destroy.

[takihaha]

Bitcoin consumes a lot of energy, I think, but I learned that bitcoin consumes more energy than the whole of Singapore consumes from January 2018 to April.

[hh4mmm]

now due to the high electricity consumption that is why eloncity is being introduced to reduced the high power usage. secondly bitcoin can't be a threat the nation moreover many power plant has been planted and they load will be disbursed.

[Bezobraznike]

bitcoin if it consumes enough electricity but to say that 80% of the amount of a country is a lie is not really a threat since there are renewable energy horita and in the future there will be more types of energy as the solar can be adapted to the mining machines and then it would be used massively and that can affect the entire planet is false and the next few missing for clear mining is difficult and will last for years to be mined the last block of the bitcoin chain but consume the banks in the ATMs and on servers that the entire chain of blocks

   It`s a shame that your comment isn`t more noticed. Who and what doesn`t need energy? I can
say we all do, and I wouldn`t be much wrong about that.
   Good news is that world is working on new and renewable energy. There is a lot of need for energy
and world is working on that hard, I think in future we will have many new sources of energy.
   Bitcoin probably needs a lot of energy, but it`s new technology and new sources of energy will
cover that. Same thing world is talking about the cars and usage of gasoline, they talk for decades
that we will spent all fuel by the 2020, that didn`t stop anyone to make more cars, bigger cars. World
is still spinning and will continue to spin, with new sources of energy.

[Crystal24]

I read sometime ago that the energy consumed by bitcoin mining in recent times is more than that consumed by the entire country of Singapore.
So yes. Bitcoin mining consumes a lot of power.

[Dico88]

There may be some sunny places like almost close to dessert. You also don't need to think about electricity because you can have solar power, every country that only depends on government electricity, that is the reason on your side as a miner, especially when you still have some equipment to use.

[avoxosuccesful]

As much as i would have loved calculating it? i cant calculate it cause i think it is best calculated by minners or electrical organization in my country. and i dont think to calculate bitcoin electricity is easy to calculate .

[boy130]

I read sometime ago that the energy consumed by bitcoin mining in recent times is more than that consumed by the entire country of Singapore.
So yes. Bitcoin mining consumes a lot of power.

Yes, Bitcoin mining is quite energy inefficient and if people outside crypto know anything about Bitcoin is that it uses a lot of power which is why some people are put off.

[DoublerHunter]

If you are not into mining of cryptocurrency especially bitcoin then there is no electricity you need to get a bitcoin because you can just use your device like laptop or cellphone to work into different places like this forum by joining bounty campaigns and get a reward in form of token or coin and that is enough for you to expect bitcoin at the end.

[DavidBolster]

If is obvious that bitcoin must need a great amount of electricity but how much the exactly amount is not published yet as far i know.

[kiboloves]

There's no doubt that the Bitcoin excavation will require more electricity in the future, possibly more than some small countries consume all year round, but what we need to know is that the electricity is usually idle in remote areas, and that doesn't pose a threat to the planet's energy situation.

[xanaxxx]

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?

I don't understand your question. What do you mean by 80% of the country separate electricity? It's really energy consuming, that is true, but nowehere near reaching 80% of any country's consumption.

[Kunal666456]

This averages out to a shocking 215 kilowatt-hours (KWh) of juice used by miners for each Bitcoin transaction (there are currently about 300,000 transactions per day).