Electricity consumption for mining Bitcoin?

[Aaron625]

* This is the amount of electricity used for mining Bitcoin - 110 terawatt-hours (TWh).

* It is equal to 0.55% of global electricity production.

* It is also equal to the annual energy consumption of countries like Sweden , Malaysia etc..

* 73% of Bitcoin mining is carbon neutral according to a report by Coinshare in 2019.

* The major Bitcoin mining hubs are located in places where hydroelectric power is abundant.

* Though according to CCAF (Cambridge Center for Alternative Finance) , only 39% of Bitcoin mining is carbon neutral. This organization gathers anonymous data from major Bitcoin mining pools.

 

[Bousine123]

Woah, thats a whole lot of electricity consumption you have listed out on this post. I can't help but wonder how this minners are able to mine with this kind of demand in electricity.

 

[Kinglegend01]

It is probably no news that trying to mine cryrotocurrency is not on the cheap area mostly because of the huge amount of electricity supply it consumes, most times I wonder if it's actually worth it.

 

[Alexandoy]

Until now I cannot comprehend the issue of energy in mining. If I use my computer for mining and the cost of electricity will affect my earnings from mining then more likely I would quit mining. Pardon me but I seem to cannot believe those claims against mining.

 

[Nomad]

One of the major concerns for crypto currencies, mainly Bitcoin, is the amount of electricity the mining operations consumes. Not only the computers need to be powered, there should be some sort of cooling system so cool down the computers. Some of the biggest mining farms are paying over a million USD in electricity bills, you can imagine how much electricity these farms are using.

 

[Rhapsody]

That is huge amount of electricity that mining is consuming. I know that bitcoin mining do consumes electricity but I don't know that is that very high. Looking at that rate I don't think that in my country I will not be able toake profit mining

 

[Nurudeen]

Mining Bitcoin or any other crypto currency is actually not cheap that is why i really dont believe the new mining process called cloud mining. I don't even see it near the normal mining system

 

[eLdavis]

Hmmm that's really a lot of electricity consumption right there, all just to mine Bitcoin. I believe this is the reason why research are trying to create coins that consumes less energy

 

[HayKay]

If this major source of mining is hydroelectric, I wonder why some Third World countries haven't pooled resources together and then mine.
But now I know why this currency is so valuable, it consumes a lot.
Question for me now is, can't renewable energy be used to mine this thing?

 

[Josemendez]

One certain thing is that bitcoin is not as environmentally harmful as proposed by government , there are many other things that are more harmful to the environment than bitcoin Mining. As for electricity consumption , this is a fact that can't be denied

 

[Dowenship]

* This is the amount of electricity used for mining Bitcoin - 110 terawatt-hours (TWh).

* It is equal to 0.55% of global electricity production.

* It is also equal to the annual energy consumption of countries like Sweden , Malaysia etc..

* 73% of Bitcoin mining is carbon neutral according to a report by Coinshare in 2019.

* The major Bitcoin mining hubs are located in places where hydroelectric power is abundant.

* Though according to CCAF (Cambridge Center for Alternative Finance) , only 39% of Bitcoin mining is carbon neutral. This organization gathers anonymous data from major Bitcoin mining pools.

We all thought elon musk was against the market this recent dip when he said bitcoin is not environmental friendly. You Can imagine the amount of electricity consumed just by mining...

 

[ahmedo24]

Data above shows that bitcoin mining is neither harmful nor consume huge energy as claimed. The lesson learnt here is that cryptocurrency market is influence by comments and tweets in which whales take advantage of buying the dip, small Investors should not do pannic sales.

 

[Heatman]

* This is the amount of electricity used for mining Bitcoin - 110 terawatt-hours (TWh).

* It is equal to 0.55% of global electricity production.

* It is also equal to the annual energy consumption of countries like Sweden , Malaysia etc..

* 73% of Bitcoin mining is carbon neutral according to a report by Coinshare in 2019.

* The major Bitcoin mining hubs are located in places where hydroelectric power is abundant.

* Though according to CCAF (Cambridge Center for Alternative Finance) , only 39% of Bitcoin mining is carbon neutral. This organization gathers anonymous data from major Bitcoin mining pools.

Seriously, it's very hard to mine any kind of cryptocurrency as far as I'm concerned and it's practically why I wouldn't worry about it because I have failed so many times at it.

 

[Setho]

The energy used in mining bitcoin is very high but I do not see it as a problem because they can always revert to other sustainable means of power.

 

[Senator]

Lol!! You can imagine this large amount of power required to mine Bitcoin. And some people will still believe you can go ahead and use your computers to be mining their own Bitcoin? Isn't that so funny and crazy tonhink about?

 

[Kingstone]

This will not be feasible in my country as we all face power failure each day. Probably the government saw this and decided to place a ban on it. They have promised an alternative power source but it's not a reality.

 

[Heatman]

Lol!! You can imagine this large amount of power required to mine Bitcoin. And some people will still believe you can go ahead and use your computers to be mining their own Bitcoin? Isn't that so funny and crazy tonhink about?

Seriously, it's why it's actually very difficult to mine the cryptocurrency Bitcoin. Some people even think that it's easy to mine Bitcoin using their smartphone .

 

[GIFTMICHAEL]

Cryptocurrency mining consumes high voltage of electricity. That's why using the smart phone isn't possible when it comes to mining Cryptocurrency.

 

[Billy]

* This is the amount of electricity used for mining Bitcoin - 110 terawatt-hours (TWh).

* It is equal to 0.55% of global electricity production.

* It is also equal to the annual energy consumption of countries like Sweden , Malaysia etc..

* 73% of Bitcoin mining is carbon neutral according to a report by Coinshare in 2019.

* The major Bitcoin mining hubs are located in places where hydroelectric power is abundant.

* Though according to CCAF (Cambridge Center for Alternative Finance) , only 39% of Bitcoin mining is carbon neutral. This organization gathers anonymous data from major Bitcoin mining pools.

This is a crazy amount of power consumption! Actually, if you include the cost for cooling, especially for the hot regions, it will translate to crazy figures! It is crazy if the total power can even exceed an entire country's power consumption. I wonder if the current cost of the coin justifies the amount of power consumed

 

[ahmedo24]

The use of renewable energy sources is the best alternative to bitcoin Mining though expert claim that the energy consume by banks is higher than bitcoin mining.

Cryptocurrency mining consumes high voltage of electricity. That's why using the smart phone isn't possible when it comes to mining Cryptocurrency.