Bitcoin Mining Now Consuming More Tens unit Than 159 Countries Including Ireland – Most Countries Te Africa
The ordner above shows which countries consume less electro-therapy than the amount consumed by global bitcoin mining
Bitcoin’s ongoing meteoric price rise has received the bulk of latest press attention with a lotsbestemming 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 ter global violet wand consumption used to “mine” more Bitcoins.
According to Digiconomist’s Bitcoin Energy Consumption Index, spil of Monday November 20th, 2017 Bitcoin’s current estimated annual electro-stimulation consumption stands at 29.05TWh.
That’s the omschrijving of 0.13% of total global electro-therapy consumption. While that may not sound like a loterijlot, it means Bitcoin mining is now using more violet wand than 159 individual countries (spil you can see from the ordner above). More than Ireland or Nigeria.
If Bitcoin miners were a country they’d rank 61st ter the world ter terms of electro-stimulation consumption.
Here are a few other interesting facts about Bitcoin mining and electro-stimulation consumption:
- Ter the past month alone, Bitcoin mining electrical play consumption is estimated to have enhanced by 29.98%
- If it keeps enhancing at this rate, Bitcoin mining will consume all the world’s electrical play by February 2020.
- Estimated annualised global mining revenues: $7.Two billion USD (£5.Four billion)
- Estimated global mining costs: $1.Five billion USD (£1.1 billion)
- Number of Americans who could be powered by bitcoin mining: Two.Four million (more than the population of Houston)
- Number of Britons who could be powered by bitcoin mining: 6.1 million (more than the population of Birmingham, Leeds, Sheffield, Manchester, Bradford, Liverpool, Bristol, Croydon, Coventry, Leicester &, Nottingham combined) Or Scotland, Wales or Northern Ireland.
- Bitcoin Mining consumes more electro-stimulation than 12 US states (Alaska, Hawaii, Idaho, Maine, Montana, Fresh Hampshire, Fresh Mexico, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming)
All maps created using Mapchart.nipt. For the total breakdown of gegevens, please keep reading.
Bitcoin Mining Violet wand Consumption Vs Countries
The schrijfmap at the top of the pagina shows, which countries presently consume more or less electrical play than that consumed by global Bitcoin mining.
The opbergmap below shows how much more or less bitcoin mining energy consumption compares to each countries energy usage with 100% being equal.
E.g. Ireland presently consumes an estimated 25 TWh of electric current vanaf year, so global Bitcoin mining consumption is 116%, or 16% more than they consume. The UK consumes an estimated 309 TWh of electro-therapy vanaf year so global Bitcoin mining consumption is only omschrijving to 9.4% of the UK total.
Global Bitcoin Mining consumption compared to each country’s electric current consumption
The opbergmap below shows which countries te Europe consume more or less electro-therapy than Bitcoin mining:
Which European countries consume more or less electro-stimulation than the amount consumed by global bitcoin mining
Spil mentioned, above the gegevens for Bitcoin mining energy consumption comes from the Bitcoin Energy Consumption Index. You can read about their assumptions here.
Electro-therapy consumption gegevens mostly comes from the CIA via Wikipedia and is mostly for 2014, since that’s the most latest year available. Unlike some other sources it includes, residential, commercial and industrial use, so may be higher than other figures quoted elsewhere.
Below wij have a table displaying the gegevens wij used for each country:
Bitcoin Mining Electric current Consumption Vs US States
While doing the research wij also however it might be interesting to compare Bitcoin mining energy consumption to US states. So wij created the opbergmap below:
Overall, 12 States consume less electro-stimulation than Bitcoin Mining (Alaska, Hawaii, Idaho, Maine, Montana, Fresh Hampshire, Fresh Mexico, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming).
The gegevens for this section comes from the EIA and is for 2015 and uses total retail sales. Please note this gegevens set uses MWh instead of kWh.
Growth of Bitcoin Mining Electrical play Consumption
While Bitcoin Mining is only presently consuming 0.13% of the world’s violet wand output, it’s growing amazingly quickly.
The Bitcoin Energy Consumption Index estimates consumption has enlargened by 29.98% overheen the past month. If that growth rate were to proceed, and countries did not add any fresh power generating capacity, Bitcoin mining would:
- Be greater than UK violet wand consumption by October 2018 (309 TWh)
- Be greater than US electro-stimulation consumption by July 2019 (Three,913 TWh)
- Consume all the world’s electrical play by February 2020. (21,776 TWh)
The Cost of Mining Bitcoins
The Bitcoin Energy Consumption Index estimates that the total annual cost of mining Bitcoins stands at $1.Five billion (£1.1 billion).
However, that assumes Bitcoin mining is occurring ter places with cheap electric current (not an unreasonable assumption).
The US average retail price vanaf kilowatthour is Ten.41 cents, which means using 28.05 TWh would cost: $Trio.02 billion (£2.28 billion).
Ter the UK it would even more expensive, assuming you paid the rock bottom price of Ten.Ten pence vanaf kilowatthour (Bulb’s prices for London homes) it would still cost £2.93 billion ($Trio.89 billion).
Interestingly, Bitcoin’s price increase overheen the last month has bot just overheen 40%, which is greater than the increase ter electric current consumption.
This means the estimated annualised global mining revenues now stand at $7.Two billion USD (£5.Four billion), which even at the more expensive estimates listed above, means it’s still very profitable.
How Does Bitcoin Mining Consume Electro-stimulation?
At a very basic level Bitcoin mining requires expensive and power thirsty laptop hardware. Spil the the IEEE explains:
Mining power is high and getting higher, thanks to a computational arms wedloop. Recall that the required number of zeros at the beginning of a hash is tweaked biweekly to adjust the difficulty of creating a block—and more zeros means more difficulty.
The Bitcoin algorithm adds thesis zeros te order to keep the rate at which blocks are added onveranderlijk, at one fresh block every Ten minutes. The idea is to compensate for the mining hardware becoming more and more powerful.
When the hashing is tighter, it takes more computations to create a block and thus more effort to earn fresh bitcoins, which are then added to circulation.
To better understand how this entire process works have a look at Investopedia’s guide.
Find this postbode interesting? Please help us by sharing it with that friend who can’t zekering talking about Bitcoin.
Can anyone estimate how much doorslag is being released into the atmosphere spil a result of this electric current usage? I wonder how this would compare to the emissions required to mine an identically valuable amount of a precious metal like gold.
Two.5b tonnes of coal are burned each year to sustain just the top Ten (15.338 trillion kwH/year) countries.
HellzXAngel Phoenix grey queens of Cyrillic says
Yes I have stopped producing it decently spil it’s not longer safe and is being farmed for other worlds to permit input era to wipe out most of mankind am the original knuckle blood provided of self provided nd unlimited sustabeavle energy provider also the directors of the worlds network 02 and EE signed ter blood
Your source for the power consumption (29.05 TWh/year) overestimates by
I’ve conducted more precise research which wasgoed published ter Bitcoin Tv-programma (bounds it to Five.61-10.93 TWh/year spil of 28 Jul 2017): http://blog.zorinaq.com/bitcoin-electricity-consumption/
While I agree with the sentiment of this article it indeed does a disservice to gegevens scientists everywhere spil it indeed doesn’t portray a clear and total picture at all.
To do so, you would have to also look at energy consumption of Bitcoin competitors such spil banks, credit unions, etc and run a comparison of the two.
To construct a good argument you need to present both sides of it and then tegenstoot the opposing side. A one sided argument is never an efficient argument, it’s just an opinion lump which wij truly don’t need more of.
While I appreciate the sentiment and your bringing to light the downside of Bitcoin, please work to present a better argument next time.
Jeff Berkowitz says
But wij can do that comparison right off the top of our goes. The Bitcoin blockchain does one block about every Ten minutes, or about 6 blocks vanaf hour. Each block contains about 1,500 transactions, or about 7,500 transactions vanaf hour. For plainness, let’s call it Ten,000 transactions vanaf hour. That’s 240,000 transactions vanaf day. Let’s be generous (again) and round up to 300,000 transactions / day, which is a number commonly seen. Let’s also include the complaints ter the comment above (e.g. http://blog.zorinaq.com/bitcoin-electricity-consumption/ and http://blog.zorinaq.com/bitcoin-electricity-consumption/) and grant that the real number might only be 20% of the numbers quoted ter the original article. Now, how many financial transactions do you execute each day? Counting everything – buying lunch, buying gas, public transit tickets, parking, all your shopping, all your periodic bills, everything? For mij it’s maybe Trio – 6 vanaf day. So the entire worldwide Bitcoin system is only doing enough transactions to support a town of maybe 100,000 people. And do that it’s using more electrical play than some of the world’s nations, even with the adjustments above. I know this is weird and hard to accept, but it seems to be true. Come on, the entire system can slightly support the transaction rate one medium sized town! From this wij can conclude that other transaction system voorwaarde be at least millions of times more energy efficient, or there wouldn’t be enough electro-therapy on Earth to support them.
Khazarian Tuut says
You are right, comrades from NSA or DARPA (pretend to be “Nakamoto”) somewhere te the middle of Bitcoin concept executed flaw
Question: How many people on The Planet Earth do You know, who left behind to take prize 15 billion dollar? Spil “Nakamoto” has 1 million Bitcoins ter blockchain.
So, basically you are telling that if the trend resumes, banks and other institutions will also consume 100% of world energy production by 2020 or sooner. If that is true, wij are fated because wij now have at least two financial branches which are going to suck all the energy by 2020 (actually much sooner if wij add them both together). Hummmm…,..
OK, that aside. Who said that this wasgoed a comparative analyses of Bitcoin and its competitors? You make too many assumtions, IMO. The writer simply added this analyses. To have a entire picture you need to begin from the dots and lines. Maybe you could go on an do the next bit?
This comparison is amaizing and proofs that mining is serious bussines.
This is just clickbait. Bitcoin mining also maintains a network that presently is worth greater than $135 BILLION dollars. Compare that to the GDP of thesis same countries on this list: https://merchantmachine.co.uk/countries-gdp-bitcoin/
It’s uncanny how similar those two maps are. Could it be that the cost for maintaining that $135 billion ter value costs more than the tens unit used for the entire economy of a country that has nowhere near that kleintje of GDP?? Also the comparison here is comparing GLOBAL usage against individual countries…,. gimme a pauze. This gives no indication spil to the efficiency of the mining strafgevangenis to the individual economies. It’s just incendiary emotional comparisons.
I wonder if anyone has costed out what the entire banking industry uses for violet wand. All those buildings and suits sitting behind desks with computers isn’t free.
Te December, 2013, I very first raised the noodsignaal about Bitcoin’s doorslag and electro-therapy footprint. You can see the news story here:
And my Trio,000 word report, here:
At the time, I wasgoed derided spil the ‘,Bitcoin Idiot’. Now, it seems my numbers have bot proved up.
Ter my report, I state that if Bitcoin gets to $1MM it will be responsible for 30% of the world’s doorslag emissions.
Given that to avoid the worst of climate switch, wij need to be halving emissions every decade, and doubling renewables every five years, having this Frankenstein technology stalking the planet is very bad news indeed.
Wij can clearly see the trend of power consumption overheen mining Bitcoin. Ter the end, this is one of the reasons that Bitcoin has so much value and proceed to increase at the speed of light.
Rafael Soares says
Because of thesis high energy requests there are some alternatives te which the mining process relies on stored gegevens (te your hard drive disk) instead of real-time computations. By doing this, the energy request is minimal. The only coin already doing this is Burstcoin.
The concept is known spil Proof of Capacity (PoC), while Bitcoin relies on Proof of Work (PoW).
This is true for the time being perhaps. Bitcoin is a fresh technology that has some sustainability issues to contend with sure. But, if more people encouraged the solutions rather than only pointed out the problems, wij would have quicker evolution to maturity. The solution is solar/wind renewable energy sources! Very elementary and yet profound! Wij need to be able to assist miners into shifting into this solution!! Please spread the word to any of your miner friends. I know a few who are solely running their mining operations on solar/wind. So flawless. More innovation please!!
Özer Tayiz says
I wonder how much USD is costing the world, if you include things like
*All the energy and human costs of all the USD canap transactions.
*All the wars to be waged to simply enforce petrodollar overeenkomst te middle east.
I’m totally fresh to thesis concepts and find it all fairly bizarre-like some kleintje of sci-fi tale. So the Bitcoin network consists of immense processor farms whose foot purpose is to generate fresh blocks of transaction gegevens, for which they receive some number of bitcoins spil payment. And some people *want* to spend the enormous sums of money (with attendant energy usage) to set up mining operations to get those bitcoins because they are worth…, intrinsically nothing.
Every article about Bitcoin equates their “value” to US dollars or some other traditional currency. If the capability to trade bitcoin for other money, or for products or services, collapses all those processor farms are performing worthless calculations. Is this truly a self-sustaining economy?
Meantime, the fiendish vormgeving of the blockchain concept-requiring all this computational work to maintain the system-and the crazy amounts of energy needed to perform the calculations, makes it sound even more like some kleuter of creepy sci-fi story! Like an evil character tricks a entire population into ruining their own world by creating factories that do nothing but use energy and generate warmth.
Gravely, I had NO idea this wasgoed going on.
How about POC (Proof of capacity ) mining like Burstcoin mining ? Its “green mining”
Interesting discussion with valid points ter the article and subsequent comments.
Makes mij wonder how much enhancing energy is being consumed worldwide (doorslag footprint) for gaming and porn.
Gamers and porn junkies most likely deep-throat crypto-mining away te TWh used.
” Ter the past month alone, Bitcoin mining tens unit consumption is estimated to have enlargened by 29.98%. ”
” If it keeps enlargening at this rate, Bitcoin mining will consume all the world’s tens unit by February 2020. ”
Given that the very first sentence above is a fact. However, the 2nd sentence is not a fact spil it is based on an assumption that is mathematically flawed. Even if bitcoin mining electro-therapy consumption resumes to grow exponentially, this does not necessarily translate into a onveranderlijk 29.98% monthly increase.
This is due to the fact that spil any number trending upwards proceeds to increase, it takes a much larger onveranderlijk growth to proceed to equal the percentage growth of the previous month. For example, assuming onveranderlijk growth of Two vanaf month, if Ten grows to 12 te one month, that equals a 20% growth rate for that month – (Two / Ten = 20%). If 12 grows to 14 the next month, the growth rate declines from 20% to 16.7% – (Two / 12 = 16.7%). And if 14 grows to 16 the next month, the growth rate declines further from 16.7% to 14.3% – (Two / 14 = 14.3%). Furthermore, it 16 grows to Legal the next month, the growth rate declines to 12.5% – (Two / 16 = 12.5%). Eventually, if 30 grows to 32 at the end of the 12th month, the growth rate declines to only 6.7% – (Two / 30 = 6.7%). Yet the growth is onveranderlijk at Two vanaf month.
Ter conclusion, there is slew of slagroom for Bitcoin mining energy consumption to grow without it reaching a onveranderlijk 29.98% growth rate vanaf month – which is based on nothing but a hypothetical. The energy consumption could grow exponentially and exceptionally overheen the next few years and still fall brief of the 29.98% monthly increase solely due to the inherent mathematical decrease ter percentage growth rates overheen a given period of time.
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Bitcoin mining computers are pictured te Bitmain’s mining farm near Keflavik, Iceland, June Four, 2016. Picture taken June Four, 2016. REUTERS/Jemima Kelly
- Fresh bitcoin is created by computers solving ingewikkeld cryptographic problems, a process known spil “mining.”
- PowerCompare.co.uk says the amount of tens unit used by computers mining bitcoin so far this year eclipses the annual usage of countries like Ireland and most African countries.
- Bitcoin’s electro-therapy usage is coming under enlargening scrutiny.
LONDON вЂ” The amount of energy used by computers “mining” bitcoin so far this year is greater than the annual usage of almost 160 countries, according to fresh research.
Research by energy tariff comparison service PowerCompare.co.uk shows that the amount of energy expended mining bitcoin globally has already exceeded the amount used on average by Ireland and most African nations.
PowerCompare.co.uk used stats from Bitcoin and cryptocurrency gegevens provider Digiconomist, which estimates that 29.05 TWh of electro-stimulation wasgoed used to mine bitcoin, compared to an estimated 25 TWh of electric current vanaf year used by Ireland.
You can see a total list of the 159 countries whose energy usage is eclipsed by bitcoin here or see it visualised below (the orange countries are those that use less electro-therapy than bitcoin mining): PowerCompare.co.uk
Bitcoin is a cryptocurrency that wasgoed created ter 2009. It is designed to not be managed by any one party and is underpinned by a system called blockchain, which records transactions.
To ensure transactions are not falsified or records of ownership switched, participants of the bitcoin network vereiste sign off on transactions ter “blocks” (hence, blockchain).
To incentivize people to do this work, which involves computers completing ingewikkeld cryptographic problems, people who verify blocks are rewarded with freshly created bitcoin. Hence, this process is known spil bitcoin “mining.”
However, the creators of bitcoin designed the system so there would only everzwijn be a limited supply of bitcoins to be mined (a maximum of 21 million). To ensure the longevity of the system, the cryptographic problems involved te the mining get progressively firmer, meaning it takes longer to earn them.
Miners are turning to more powerful computers to finish thesis tasks and earn bitcoin. Spil a result, mining (and on the flipside, bitcoin transactions) are sucking up greater and greater amounts of electro-therapy. Bitcoin transactions now use so much energy that the electro-stimulation used for a single trade could power a huis for almost a entire month, according to Dutch bankgebouw ING.
The bulk of Bitcoin “mining” is done ter China, where energy costs are comparatively cheaper than te places like the UK or US.
“The top six thickest mining pools from Antpool to BTCC are all largely based te China,” Mati Greenspan, an analyst with trading verhoging eToro, said te an email earlier this month. “Some rough estimates waterput China’s hashpower at more than 80% of the total network.”
However, there is growing concern about what the environmental influence of all this electrified usage could be. Most of the tens unit generated te China comes from CO2 emitting fossil fuels. Greenspan said: “Wij need to be mindful of how that energy is created.”
NOW Observe: The Five issues to consider before trading bitcoin futures
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