One Bitcoin Transaction Now Uses As Much Energy As Your House In a Week – Slashdot

https://m.slashdot.org/story/333535

It look like Bitcoin is not very “clean” technology:

 Bitcoin’s incredible price run to break over $7,000 this year has sent its overall electricity consumption soaring, as people worldwide bring more energy-hungry computers online to mine the digital currency. 

 Bitcoin miners burn through over 24 terawatt-hours of electricity annually. 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). 

5 Comments

  1. Tomi Engdahl says:

    Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa
    https://powercompare.co.uk/bitcoin/

    Bitcoin’s ongoing meteoric price rise has received the bulk of recent press attention with a lot of discussion around whether or not it’s a bubble waiting to burst.

    However, most the coverage has missed out one of the more interesting and unintended consequences of this price increase. That is the surge in global electricity consumption used to “mine” more Bitcoins.

    According to Digiconomist’s Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoin’s current estimated annual electricity consumption stands at 29.05TWh.

    That’s the equivalent of 0.13% of total global electricity consumption.

    If Bitcoin miners were a country they’d rank 61st in the world in terms of electricity consumption.

    Reply
  2. Tomi Engdahl says:

    Can You Mine Cryptocurrency With a Tesla? A Feasibility Study
    https://motherboard.vice.com/en_us/article/8x5wy5/cryptocurrency-tesla-bitcoin-mine-ethereum?utm_campaign=sharebutton

    Someone claimed to use their Tesla to power a cryptocurrency mine. But would this wild idea actually be worth it?

    Reply
  3. Tomi Engdahl says:

    Bitcoinien louhintaan kuluva energia vastaa jo yli kolmannesta koko Suomen sähkönkulutuksesta
    https://tekniikanmaailma.fi/bitcoinien-louhintaan-menee-energiaa-jo-yli-kolmannes-koko-suomen-sahkonkulutuksesta/

    Reply
  4. Tomi Engdahl says:

    The energy consumption of the crypto world
    https://medium.com/thebeammagazine/the-energy-consumption-of-the-crypto-world-b20e3628e0d2

    The bitcoin mining network now consumes more electricity than 159 countries of the world

    Key stats:
    42.67 TWh: The annual energy consumption of Bitcoin and Ethereum combined
    0.19%: The percentage of the world’s electricity used by Bitcoin and Ethereum
    8.49: The number of U.S. households that could be powered for a full day with the same energy as single bitcoin transaction

    It has been widely reported that the bitcoin mining network now consumes more electricity than 159 countries of the world. The huge energy consumption is down to the way bitcoin and other cryptocurrencies operate. In order to avoid fraud, there is no centralised authority validating transactions. Instead, they are validated by miners who process blocks of cryptocurrency transactions in return for a reward in the form of coins.

    According the BECI, each bitcoin transaction consumes 251 KWh of electricity.

    Given that there are around 300,000 bitcoin transactions every day, this equates to a lot of homes that could be powered.
    For the cryptocurrency Ethereum, which is second in popularity after bitcoin, the energy usage is still extremely high. Overall it uses 11.07 TWh of electricity, which is just over a third of that of bitcoin.

    If this is the current energy consumption of cryptocurrencies, what does the future hold? As more and more people rush to get involved in the new market, the amount of miners will only increase, along with the amount of energy consumed. Is it possible to make cryptocurrencies sustainable?
    There are some potential solutions being mooted for the energy problem. Austrian startup HydroMiner is using renewable hydropower to operate its mining servers. Similarly NastyMining is using solar and wind energy to mine for bitcoin in a green way. Then there is the Harvest project, which is using wind energy to mine cryptocurrency that will then be used for climate change research. These solutions work on a small scale

    Reducing the amount of energy that each cryptocurrency transaction uses is another way to make it more sustainable. This is something that Ethereum is working towards by switching to a different model of verification. The bitcoin community is also working on the Lightning Network which will enable more transactions on the network without using more power.

    Yet neither of these changes are imminent, meaning that for now energy consumption rates are locked at the high level.
    The gold rush on cryptocurrency isn’t showing any signs of abatement.

    Reply

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