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❕NEWS How much electricity does Bitcoin mining use?

aryan4

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According to Digiconomist's Bitcoin energy consumption audience, mining currently consumes 77.78 terawatt hours per year. This is on par with the total energy consumption of countries such as the Netherlands and the Czech Republic.
What are your views on the energy consumed? Do you think it's too high?
 
Really high i guess.. that's why it's an issue and reason why many people are looking into providing renewable energy for the miners since it used up a lot and isn't healthy for the environment as some say
 
If renewable source of energy is discovered the pressure on hydro electricity will be drastically reduced for mining bitcoin likewise it effects on environment.
 
77 tera-watts close to what a nation uses to serve the whole citizens electricity. BTC mining consumes lots of electricity to mine and get it minted.
 
77 tera-watts close to what a nation uses to serve the whole citizens electricity. BTC mining consumes lots of electricity to mine and get it minted.
That's actually big amount of electricity, mining is becoming more difficult , I hope after the next halving the consumption of electricity won't be high.
 
That's actually big amount of electricity, mining is becoming more difficult , I hope after the next halving the consumption of electricity won't be high.
And the next halving will occur by 2024, because the last one occured last year. We already know that, halving occurs every four years, so let's see how it goes by then.
 
And the next halving will occur by 2024, because the last one occured last year. We already know that, halving occurs every four years, so let's see how it goes by then.
It is my hope that before next year our next two years when bitcoin halving will take place other sources of energy that are renewable should have been found because no doubt mining will be more difficult.
 
It is my hope that before next year our next two years when bitcoin halving will take place other sources of energy that are renewable should have been found because no doubt mining will be more difficult.
I hope so, their will be better ways to curb with the issues of low electricity level that slows down mining strength, the future will definitely bring energy that are renewable which can make mining speed up.
 
The fact is that mining of Bitcoin consume electricity or energy as the case may be but I don't think it is that much that will affect activities of the things but the fact that good number of people are still opposed to use of Bitcoin and other cryptocurrencies they easily hype activities arround Bitcoin negatively.
 
The issue of the energy consumption in bitcoin mining is just exergerrated. I listened to a comprehensive interview of an expert on the mining saga. I discovered that the amount of electricity used by the conventional banks are way more than the used by bitcoin mining. The whole thing has been given different figures since Elon Musk's tweet.
Yeah I also read about the interview but just like I've said people who don't like Bitcoin and other cryptocurrencies are just looking for other ways to ensure they cease to exist there's a lot of activities offline that consumes more electricity compared to Bitcoin mining.
 
Such question would be really hard to answer. The total supply of electricity being used depends on many factors. For example, if you mine a small quantity of bitcoin, then you will most likely use less electricity. Bitcoin mining is only possible through ASIC miners and they consume much more electricity. There was a time when Bitcoin could have been mined by your ordinary computer and it used to consume much less electricity at that time.
 
No easy answer, since it all depends on what kind of gear you're mining with. I think a dedicated mining rig like ant miner should consume less power than using your super powerful PC to mine. There are many types of dedicated mining rigs, all with their own specifications and power consumption.
 
For me l would say it's too high. But when we take into consideration the revenue they get after successful mining with such electricity, sometimes they do make a lot even after covering the electricity bill.

The fact remains that electricity cost and hardware cost should be covered first before you actually start making money. For example, if you buy hardware worth of $10 and if that hardware allows you to make $0.02, then you will be making around $0.6 per month and $7.2 per year. It will take more than one year to actually cover the cost of hardware alone. So you must think about hardware cost before you think about actually generating monetary gains.
 
No general answer for this. It all depends on what kind of device you use to mine bitcoin. There are many models of dedicated mining rigs, which are produced by multiple companies, and each of them consume different amount of electricity. You just gotta have to calculate it yourself.
 
I don't know how to quantify the amount of electricity to consume to mine bitcoin, but I know it's very high at the point countries as Norway last year began to push the European government do declare the bitcoin mining illegal. For the sake of the environment. But there's a flip side in this case: too many people, especially from the poorest south European countries would be seriously damaged. Norway doesn't even know what unemployment is, so Norwegians don't need cryptocurrencies to make ends meet. Living in Greece, in Italy, in Spain is not the same as living in a northern country: these peoples cannot get rid of bitcoin or whatever else cryptocurrency.
 
The complaint has been loud and clear that BITCOIN is one of the cryptocurrency with high consumption intake though others like Doge are seen to be more eco friendly but it has been argued that we should look at cryptocurrency only but fiat money as well which used alot of devices to print statements and count cash.

So yes cryptocurrency and in this particular matter BITCOING consumes too much power but it is not the only tender that consumes too much power.fiat as well.
 
There are different versions of article on the argument of the electricity consumption in bitcoin mining . All the assumptions are not true as a recent research cited that the banks uses more energy than bitcoin mining.
 
Depending on your miner being used bitcoin mining could consumed a large amount of electricity, although newer miners by some manufacturarers in which they claimed that their new miners are more efficient wheras as it consumes less electricity for the same power or more actually
 
Good point – all that printing comes with an environmental price tag. You've gotta wonder how much the crypto haters are really in it for Mother Earth, though.
Yes it is a two fold situation,just blaming the cryptocurrency as a large user of electricity is totally unacceptable because the banking system equally does the same and we cannot say it is perfectly alright and we have to ignore it.Both traditional banks and cryptocurrency does consume alot of electricity and also have more by products that can harm the environment.
 

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