Electricity required for single bitcoin trade could power a house for a week
A Single Bitcoin Transaction Now Consumes as Much Electricity as Your House Does in a Week.
There was an epic rise of bitcoin in the past week reaching 7000$. This also made more electricity consumption as users gathered online for mining.
Miners make many attempts every second to try and find the right value for a component called a “nonce.”
Source: vmax137/Flickr
All this effort per second is called a hash rate, and that is expressed in Gigahash per second. It is estimated that with the current prices, miners would use over 24 terawatt-hours of electricity annually. The same amount of power used by a country of over 100 million people.
Source: Mirko Tobias Schäfer/Flickr
Carbon emissions play a significant role in powering Bitcoin. Digiconomist discovered that a single Bitcoin mine in Mongolia is responsible for 8,000 to 13,000 kg CO2 emissions per Bitcoin it mines, and 24,000 - 40,000 kg of CO2 per hour.
