Bitcoin Power Consumption

[pixie85]

owh, sure. many ways to create environmentally friendly mining, I think using solar power, waste power, hydropower will create a good mining and save more on electricity costs.

some cities in the England have used hydropower for mining.

Bitcoin mining with solar power may be less effective, but if you use hydropower it can be maximized, then is it true that in the UK it has been mining using waste, water and solar power, can I find a link about the news?

How come it will be less effective? As far as I know, using solar power is consistent as having a regular electricity. It may be less effective if your solar panel didn't get enough charge as it may affect the consistency in mining. But if you live in a tropical country wherein the temperature usually get in 40°C, this will be enough to charge the solar panel that can be use in household.

Yet still it will always depend on classification of solar panel.

The problem with solar panels is that they have to be kept clean. Dust, sand, snow, all these things make you lose efficiency. Also solar panels need a huge battery packs to be able to sustain high power miners through the night. It's much less effective than nuclear or hydro.

[1713888689]

1713888689

[Xavofat]

But did you know that banking consumes an estimated 100 terrawatts of power annually?

The power consumption of banks isn't really comparable to the power consumption of Bitcoin unless you factor in the amount of transactions conducted with each service.  Considering that even in its current state Bitcoin takes up a pretty serious amount of power by all credible estimates, it would be a massive guzzler if it was more widely used.

The blocks are being mined regardless of whether your transaction occupies the space or not!

The electricity consumption of Bitcoin isn't directly proportional to the amount of transactions, but I do think that there's a causal link.  In order for someone to send Bitcoin to somewhere else, they have to own it.  If there are more people sending transactions, that generally means that there's more demand for Bitcoin (and this would be even more obviously the case if there were many times more transactions being sent than there are now).

If there's more demand, the price of Bitcoin rises, and therefore miners have a greater incentive to spend money on miners in an attempt to make profit, so they increase Bitcoin's electricity consumption.

If there's too many transactions you will have to wait a little longer or pay more

As you show here, if the Bitcoin network was not capable of handling a huge amount of transactions but the demand for it increased, it would still cause an increase in electricity consumption.  People sending Bitcoin would pay more in transaction fees to miners.

[arief.sutono]

There is no alternative to power consumption, and I see no other way to do it. For me, power consumption is reasonable and fair unless you come from a country where electricity bills or electricity bills are higher than the average that occurs when your country lacks energy or oil to provide electricity. Thanks

[tegarp90]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

I think this problem could be solved by the RIG developer itself.
Such as nvidia and amd, they should create a powerful vga with low power, so bitcoin mining will not consume not so much energy

[franky1]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

I think this problem could be solved by the RIG developer itself.
Such as nvidia and amd, they should create a powerful vga with low power, so bitcoin mining will not consume not so much energy

that has already addressed 5 years ago. ASICS are more efficient than GPU's. your about 5 years behind in the research.

and as for others.
solar is cleaner than coal. but not as effective. as others have said. when its winter there is less sunlight (shorter daylight hours) the roof may be covered with snow so need ongoing cleaning. thus the season that requires more energy due to more dark night hours needing houselights on for longer, heating, etc..   is actually getting less energy production due to less daylight and snow and left over autumn leaves covering roofs

where as hydro is better. because even when a reservoir uses the water to turn a turbine. that is not the end of the story for that water.
that same water can be reused. it doesnt have to just be released to a river by law. it can be re-stored downstream and then pushed through another set of generators... repeat repeat repeat.
meaning 1 gallon of water is not just 1x electric. but that same water can be recycled  x*y with y being the number of generators downstream

[YuginKadoya]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

I think this problem could be solved by the RIG developer itself.
Such as nvidia and amd, they should create a powerful vga with low power, so bitcoin mining will not consume not so much energy

Apparently, this is easier said than done, I really think that developers of that said RIG had already thought about this problem and aside from that I really think they are doing all they can to resolve such issues but as what we are  to know there is not a single solution for the RIG and the energy needed was also rising together as the bitcoin rises, But aside from reducing the needed power of the RIG I then remember that there is an article about using appliances to mine for bitcoin, So aside from the daily task provided in using these appliances at the same time using that electrical energy to mine for bitcoin, But If this could really be applied for appliances.  

[PickwickRock]

There are countries which are adapting eco friendly methods of creating power such as using wind turbines. This will be environmentally friendly and at the same time will be able to produce cheap power too. Maybe we can try adapting to these methods.

[oceantiger]

Mining companies are seriously looking at the energy consumption during mining and may likely source for other eco friendly and cheaper sources for energy. There are seriously considering the solar energy source which will be cheaper compare to the present thermal and hydro carbon sourced energy being used for now. There are other source like converting waste to wealth that is using waste in refuse dumps to convert them to energy and  agricultural fertilizer.

[menammeo]

It is undeniable that Bitcoin or blockchain is one of the most highly regarded technologies in a billion dollar market, with great potential. However, the downside of it still makes investors afraid, especially about the "huge" power consumption of the network to exploit and carry out virtual currency transactions in the world.
It estimates that the network currently consumes 2.55 gigawatts of electricity, enough to power the whole of Ireland. But by the end of 2018, the amount of electricity needed to operate Bitcoin as well as other virtual currencies could account for half of the world's total electricity supply, with the same expected consumption. 7.67 gigawatt slag.

[aoluain]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

Care to share what harsh environmental implications you talking about?

Its possible that many bitcoin mining hardware gear in the future could be eco-friendly, like GMO Internet Launches Mining Machine GMO miner B3 With a Maximum Hash Power of 33 TH/s: Customers can maximize hash power and power consumption in their environment.

But did you know that banking consumes an estimated 100 terrawatts of power annually? So stop worrying about how much energy bitcoin uses.

No matter what we do we need electricity. What about if we compare the
mining of bitcoin to the creation of FIAT currencies.

Consider the cost of mining and processing the metal used in FIAT, the cost
of transportation and storage also.

Stop worrying about energy consumption of bitcoin.

[udidrone]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

Care to share what harsh environmental implications you talking about?

Its possible that many bitcoin mining hardware gear in the future could be eco-friendly, like GMO Internet Launches Mining Machine GMO miner B3 With a Maximum Hash Power of 33 TH/s: Customers can maximize hash power and power consumption in their environment.

But did you know that banking consumes an estimated 100 terrawatts of power annually? So stop worrying about how much energy bitcoin uses.

No matter what we do we need electricity. What about if we compare the
mining of bitcoin to the creation of FIAT currencies.

Consider the cost of mining and processing the metal used in FIAT, the cost
of transportation and storage also.

Stop worrying about energy consumption of bitcoin.

Mining consumption i think wouldn't use big recources as what people use for their daily life. And we all know some people who  care about crypto still develop project that will use friendly resources to mining so we not make nature damaged.

[bolbau]

seeing that the price of bitcoin is very high, it is very normal if the cost of power consumption is also very high. the higher the price, the more people are interested in mining bitcoin, the harder it is for everyone to get bitcoin (becoming scarce), the more production factors needed to compete (tools), the higher the mining costs, simple logic is very reasonable. and I think the current power consumption used by bitcoin is no worse than existing conventional industrial companies. technology continues to grow, I am sure and all hope that problems like this will be overcome along with the discovery of new ideas and innovations.

[stayeduptolate]

Power consumption of bitcoin mining keeps going up. And will continue to go up as bitcoin usage and price increases. This have harsh enviromental implications. Is there a way to reduce power consumption or are there plans to switch to a more eco-friendly way of mining bitcoin?

In my point of view, bitcoin is very sustainable resource, a resource that could never be exhausted and has millions of advantages with it and moreover it consumes a very small amount of electricity as the only requirement for bitcoin mining is internet only but there was a rumour that in the coming decade bitcoin will use double the amount of electricity as use by the entire world currently but I think this is a tactic to bring bitcoin valuation down but let me clear this thing that this won’t bring any effect on bitcoin valuation.

[tigerhuda]

It isn't possible to accurately quantify the amount of Bitcoin electricity currently consumed. To minimize the impact of Bitcoin on the environment, regulators may charge higher prices for large-scale mines or quantitative limits. The power that mines can use. However, at present, there aren't many mechanisms to reduce the power consumption of Bitcoin.

[killat]

In most of the countries, energy is quite expensive and at the current price mining is no longer  profitable. With free electricity, it definitely can be profitable.

With paid electricity, things look a little different, because your profits are a lot smaller AND your equipment gets old/outdated.

With every coin that is being mined out there, the next one requires more power to be mined. That's why I prefer to stay out of such investment when I know that in X amount of time, my miner will mine less value than it consumes.

With free electricity, we can assume that you make $3 per day. As time goes, you will make less and less every day(assuming you mine the exact same coin AND its price doesn't move).

Of course, you can always mine different coins, but it requires constant research on which coin is the most profitable to be mined right now.

Even though the crypto market is not as volatile as it used to be, it's still pretty risky and prices jump both up and down a lot.

[lagersagotar]

It is undeniable that Bitcoin or blockchain is one of the most highly regarded technologies in a billion dollar market, with great potential. However, the downside of it still makes investors afraid, especially about the "huge" power consumption of the network to exploit and carry out virtual currency transactions in the world. The result of the architecture of the virtual currency system, as well as the blockchain block, causes every transaction to require a large number of calculations to be performed, and the execution of the feature requires that a system is maintained and run. With this speed, Bitcoin will use about 50% of the world's energy.

[oreRoyalTea]

As Bitcoin grows the statistics and forecasts of the power consumption of the Bitcoin digging network are extremely complex and are not simply based on conventional approaches. High will promote the development of new power plants, and many power plants will burn fossil fuels, and Bitcoin may reverse the development of clean energy.

[Nicholson55]

I don't see any other options currently - that is not to say something might not come in time but, for the time being, things will likely stay as they are

[1993jochico]

Some of the miners use solar to mine therefore they minimize their expenses on mining that makes it more profitable, Im not sure if there other way like this to mine.

[wongdeso]

Bitcoin mining is done with high power so that this technology is expensive technology that must be revealed and can be done well. It seems that for mining other than electricity cannot be found yet, with solar power there are still many obstacles that must be overcome.