One Bitcoin Transaction Can Power Up Your House For A Week
As Bitcoin price breaks the record $7000 this year, the electricity consumption is also soaring high because everybody wants to mine bitcoins.
Currently there are about 300,00 transactions per day (source: https://charts.bitcoin.com/chart/daily-transactions#b2k)
1. 24 Terawatt-hours of electricity annually to mine more Bitcoins
That’s about as Nigeria, a country of 186million people , uses in a year. (source: https://digiconomist.net/bitcoin-energy-consumption)
2. Shocking average of 215 kilowatt-hours used for each Bitcoin transaction.
The average American household consumes 901 Kwh per month(https://www.eia.gov/tools/faqs/faq.php?id=97&t=3), each Bitcoin transfer represents enough energy to run a comfortable house, and everything in it, for nearly a week.
3. Worldwide Bitcoin miners could be using enough electricity at any given time to power about 2.26 million American homes.
4. Coal powered Bitcoin Mongolia mine is responsible for 24,000 - 40,000 kg CO2 per hour which is equivalent to over 203,000 car kilometres travelled.
In the context of climate change, hurricanes & wild fires, Bitcoin is leaving a massive environmental footprint. Will this stop us from using Bitcoin? Is there a better way we can mine Bitcoin and minimise our environmental footprint?.
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Wow..Interestng info. Thank u :)
I like Burstcoin because it uses proof of capacity and that uses up far less electricity. Coins that can only be mined by CPU are good too, I'm mining BiblePay now.
Thanks for letting me know about Burstcoin. It seems like a environmental friendly coin :)
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STOPHi @amritha, you raise a very good point and I have already seen some disturbing images of bitcoin mining operations in China with great environmental impact. Perhaps countries with colder climate will be less influenced/impacted?
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