Oct 05, · Is bitcoin mining harming the environment due to energy overuse, or are all these claims being blown out of proportion? Well, it turns out that this is a two-sided equation of sorts. rows · The map below shows how much more or less bitcoin mining energy consumption . Many people, when decrying Bitcoin’s energy footprint, point out its energy consumption and presume that someone, somewhere is being deprived of electricity because of this rapacious asset.
Energy consumption for mining bitcoinNic Carter: The Last Word on Bitcoin's Energy Consumption - CoinDesk
Madore Email. By CCN. His striking conclusion? US vehicles consume roughly the same amount of energy in three days as Bitcoin has consumed in its entire existence. The figure converts the energy used to propel cars and the amount of oil required reportedly 1. For one thing, the Antminer S9 which is used to determine the amount of energy used by Bitcoin is one of the most efficient Bitcoin miners ever devised.
The first couple years of Bitcoin mining, which happened at a far lower difficulty and therefore required fewer hashes, which translates to less overall energy were done with average computers — many of them. A thousand regular computers will consume less energy than a thousand Antminer S9s, but they will produce less hashpower.
The variance in hardware used to mine makes an actual calculation of energy consumed by Bitcoin mining hard to compile. David Harding reckons you can account for the less efficient hardware and still figure out the difference:.
In that case, you could get a crude estimate on the electricity used by aggregating all miner rewards in USD terms at time of mining , guessing what percentage of that went to pay for electric, and dividing by a reasonable electrical rate. Harding hrdng April 11, Of course, little to no Bitcoin mining has ever actually been done with oil power. Coal power, on the other hand, has been used extensively in Bitcoin mining through outfits in China.
Consequently, more miners lead to more electricity consumption. One study found that Bitcoin mining operations consumed 2. To put this massive consumption into perspective, if Bitcoin was a country, it would rank 66 out of in terms of energy usage.
You could power 4,, US households with that much electricity, according to the most recent Digiconomist statistics. Source: bitcoin-energy-consumption. The same statistics show that Bitcoin accounts for 0. Bitcoin mining is on the rise. Last year, the network saw a percent increase in electricity consumption globally. This increased network activity raises the hashrate. In turn, the network difficulty level increases. This difficulty increase could push future Bitcoin transaction energy usage levels from kWh per transaction today, all the way to kWh by the end of the year.
These concerns have led to some individuals pushing for innovative and advantageous solutions. One solution is green energy mining operations. The operation would take advantage of the fact that the Mojave Desert is the 12th hottest place in the world. According to a recent report published by the research firm Coinshares , renewable energy mining operations are on the rise. This report also shows the migration of miners over the last two years towards more renewable-friendly countries.