Electricity consumption for mining Bitcoin?

[Lens]

There are many information on the electricity consumption of the bitcoin and there are counter-information of different versions. Some research showed that the power consumption of bitcoin as stated in the thread isn't true.

 

[ahmedo24]

There are many information on the electricity consumption of the bitcoin and there are counter-information of different versions. Some research showed that the power consumption of bitcoin as stated in the thread isn't true.

Yeah, I know with time we will get to understand the true picture though Elon Musk nor China never cited high power consumption as reason to reject bitcoin nor ban in their country.

 

[Heatman]

Personally I believe that does influential figures who have the power to influence cryptocurrency prices will always keep doing it in such a way that is going to favour their own personal investment and all these cryptocurrencies.

 

[Tracee]

Wow, I honestly had no ideal mining was done like that, then what about other coins are they still consumer of electricity?

 

[GIFTMICHAEL]

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.

Bank energy consumption is within their banking system. But when it comes to mining BTC, it needs powerful current to facilitate the progress of the mining faster.

 

[ahmedo24]

Bank energy consumption is within their banking system. But when it comes to mining BTC, it needs powerful current to facilitate the progress of the mining faster.

It all depends on how big the bank is and the volume of their operations likewise the size of the Mining rigs that are used for mining of bitcoin too.

 

[joy101]

I think it really a lot electricity consumption cryptocurrency mining is really consumes high voltage of electricity, when using smart phone.

 

[alberello75]

Well, from these data, I deduce that a single individual, if he wants to mine Bitcoins, should invest a capital of money, about that of a Sheikh !!
For me, it would be something nowhere near imaginable ...

 

[Heatman]

Wow, I honestly had no ideal mining was done like that, then what about other coins are they still consumer of electricity?

Seriously, when it comes to the data of how mining is carried out I don't really know much about it because ever since I've been trying to get into cryptocurrency mining it has not been a smooth sailing project for me.

 

[GIFTMICHAEL]

It all depends on how big the bank is and the volume of their operations likewise the size of the Mining rigs that are used for mining of bitcoin too.

Yes, if it comprises more miners, with large operation when it comes to mining Cryptocurrency like BTC, then we should know that the energy consumption will be higher.

 

[ahmedo24]

Definitely but if there are better improvement in the renewable energy sources they won't continue to depends on solar or hydro power for mining.

 

[kayode10]

It is possible to consume a lot of electricity because you will have to use his trunk computer system that has higher specification. The reason why I don't like mining is because the money realised might not be much when you factor in the cost of running the system.

 

[Heatman]

Seriously for the people who have been successful with cryptocurrency or Bitcoin mining and believe that it's something that I'm actually going to be very open to both for one thing or another have not actually successfully done that till now.

 

[GIFTMICHAEL]

BTC mining consumes electricity to mine. Without high voltage then it isn't possible to mine BTC and circulate it round in the digital coin market.

 

[Pousinha]

My Italian colleagues, the ones among the most expert in the mining field, always claimed about the high electricity consumption, but when the amount received is crumbs. In this case, if it's a serious mining with CPU (or GPU), the electricity bill may result higher than the earnings. Not the same if the mining can catch big amounts, for ex. an entire bitcoin (or better, a half bitcoin, due to the extreme difficulty to mine an entire bitcoin).

 

[Filicit]

No wonder, this much electricity consumption may be one of the reasons why China placed a ban on crypto and America restricted some places

 

[jeff87]

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.

I agree with you. If you will pay the electric consumption more than the Bitcoin you earn from mining through computer, then you are at a losing end. It's better to stop mining Bitcoin through computer because of high electric bills.

 

[mcjerry]

mining bitcoin in a place where the cost of electricity is high will not be profitable. Because nowadays that the difficulty of the coin has increased and the bitcoin to mine to has decreased. It will not be as profitable as before

 

[ahmedo24]

mining bitcoin in a place where the cost of electricity is high will not be profitable. Because nowadays that the difficulty of the coin has increased and the bitcoin to mine to has decreased. It will not be as profitable as before

Definitely and this more reason why most of this cryptocurrency or bitcoin miners are always looking for countries where they have cheap electricity so that the mine easily and make more money.

 

[Oliver4smile]

WOW! That explains China's ban on crypto miners and exchanges which has been going on and off since 2018. And according to what I heard recently, it's like they have finally banned bitcoin mining in the country because if the electricity consumption, it truly consumes too much electricity.