bitcoins energy consumption

HELLO FRIENDS ACA I SHARE MORE THE REALITY TO THE MYTHS THAT ARE SAY ABOUT THE CONSUMPTION OF MINAR BITCOIN

The mining of bitcoin imposes an increasing energy cost: the growth of the difficulty and of the nodes that verify the transactions in the block chain (the mining process) has made that cost difficult to calculate, but there are those who have ventured to estimate a singular equivalence.

This is the case of the ING bank, which has published a study according to which the mining of a bitcoin in the block chain imposes an energy cost of around 200 kWh, energy with which an average household could be maintained for a whole month, ensure those responsible for that investigation.

The big nodes - "benevolent", that are in charge of bitcoin mining dominate the mining process, and according to their estimates one of these verifications, or what is the same, the mining of a bitcoin is equivalent to a consumption of 200 kWh.

Brosens indicated that "this is enough to supply my house for four weeks, because it consumes about 45 kWh per week at a cost of 39 euros in the electric bill (with the current final prices for the user in the Netherlands)."

This cost is large compared to other crypto currencies, but it is even bigger when compared to the cost of traditional economic transactions: thus, a transaction with Visa has an estimated consumption of 0.01 kWh, which is 20,000 times less consumption of energy ".

The estimated consumption of the bicoin platform is a matter of study in different communities of experts, and there are those who, as in Digiconomist, indicate that currently that annual consumption is around 21.59 TWh.

Although it is easy to calculate the total calculation rate of the network (the so-called hashrate), it is impossible to know what the actual energy consumption is since there is no central register that indicates which machines are active "mining" and what consumption each one has. . To achieve a reasonable estimate, studies like this take into account the income and costs of the miners. It is not a perfect measure, but it is more reasonable than trying to estimate the number of watts consumed per Gigahash / s, for example.

According to this estimate, the consumption per transaction coincides with the one indicated by the ING study, 211 kWh, but if we put that figure in perspective we realize how according to these estimates what all those annual transactions in bitcoin consume is comparable to consumption annual of a country like Ecuador.

That consumption could supply power to almost 2 million homes in the United States for a year, and in fact in that second study it is indicated that with the energy needed for a single transaction, power could be supplied to 7.14 households during a day: here the figure is lower than that indicated by ING, although it is assumed that both the consumption and the cost of energy are significantly higher in the Digiconomist estimate.

However, everything can be put in perspective, something that for example they did in The Kernel some time ago. According to a study by the Electric Power Research Institute of 2012 -the PDF is not already available-, an iPad used an average of 9 kWh per year. By then Apple had sold 170 million iPads, which together would use 1.53 TWh per year. The 21.53 TWh estimated to be currently consumed by the bitcoin platform does not seem so far removed after all.

In fact, there are other equally noteworthy examples: in the first quarter of 2012 they sold just over 43 million LCD TVs, whose combined annual consumption (there are calculators like this that help in those estimates) was 8.8 TWh, and we are talking about a single quarter of sales.

More data: it is estimated that only in the United States there are more than 65 million washing machines, which on average consume 300 kWh per year. If we do the account, the combined consumption of all of them would be 19.5 TWh per year. Practically the consumption of the bitcoin platform, and we only talk about washing machines in the United States. Perspective, as often happens, can change everything.

the doubt was removed between the myth and the reality of mining bitcoin, I hope you liked the topic greetings and success .....

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