Electricity consumption for mining Bitcoin?

[mcjerry]

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.

Yes you are right. I have seen some cloud mining websites that will have there company address in countries like US but still have there mining farm in Asia countries

 

[ahmedo24]

Yes you are right. I have seen some cloud mining websites that will have there company address in countries like US but still have there mining farm in Asia countries

That is why most of them were in China to mine cryptocurrency but now that China has banned cryptocurrency US is not looking for ways to accommodate miners

 

[tuna89]

Great information, that shows a large amount of electricity consumption, hopefully with time, they would work on this to achieve high mining at little power

 

[mcjerry]

That is why most of them were in China to mine cryptocurrency but now that China has banned cryptocurrency US is not looking for ways to accommodate miners

I also do see some companies that uses Singapore and Vietnam but most especially Singapore and I don't think Singapore has banned crypto currency

 

[ahmedo24]

I also do see some companies that uses Singapore and Vietnam but most especially Singapore and I don't think Singapore has banned crypto currency

it is very possible that these two countries will mention that have cheap electricity though I know miners love countries like Iran and Venezuela because they also have very cheap electricity which makes mining much easier.

 

[mcjerry]

But I wonder how there electricity bill is lower than most countries. Even in my country Nigeria, electricity bill here is costly

it is very possible that these two countries will mention that have cheap electricity though I know miners love countries like Iran and Venezuela because they also have very cheap electricity which makes mining much easier.

 

[Josemendez]

But I wonder how there electricity bill is lower than most countries. Even in my country Nigeria, electricity bill here is costly

When it comes to electricity cost and consumption , it depends on the number of people using the electricity and the strength of the system . There are countries with excess electricity supply due to their low number

 

[mcjerry]

When it comes to electricity cost and consumption , it depends on the number of people using the electricity and the strength of the system . There are countries with excess electricity supply due to their low number

Well you have point in what you have just said. because I wonder how Ghana have good and low bill on electricity as Nigeria once supply Ghana power before

 

[ahmedo24]

Well you have point in what you have just said. because I wonder how Ghana have good and low bill on electricity as Nigeria once supply Ghana power before

you can't compare Ghana's population to that of Nigeria Ghana is just like 1/6 of Nigeria's population so like @Josemendez has said Electricity consumption depends on population.

 

[mcjerry]

you can't compare Ghana's population to that of Nigeria Ghana is just like 1/6 of Nigeria's population so like @Josemendez has said Electricity consumption depends on population.

I now understand that is why I made mentioned of Ghana that despite the fact Nigeria has once given them electricity but now they are enjoying it because they are not much

 

[Thinker009]

Wow this is really huge and I guess it's this same reason many influencers are supporting the adoption of renewable energy for Bitcoin mining after seeing the level of electricity consumption

 

[alberello75]

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.

Indeed. And for the production of electricity, generators are needed, which produce pollution, damaging the environment!

 

[Stylex]

the consumption of electricity of bitcoin mining ,it consumps allot of electric charge in other to mine the bit coin ,bit coin mining is a little bit hard bit hard but once your do it you can earn allot of money from it and even more than you expect
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the consumption of electricity of bitcoin mining ,it consumps allot of electric charge in other to mine the bit coin ,bit coin mining is a little bit hard bit hard but once your do it you can earn allot of money from it and even more than you expect.

 

[Monster Masterpiece]

The reason behind banning of bitcoin mining in some countries is pollution means that the bitcoin network consumes a lot of electricity that causes the increasal impredictable of temperature.

 

[Ub40]

I am not sure I understand all the calculations and terms used in the above analysis on electricity consumption to mine Bitcoin. This is because I have not mined Bitcoin or any other coin before. But I appreciate the knowledge I just gained about it here. Indeed one can really learn so much while earning some bucks here. Thanks for sharing.

 

[HayKay]

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.

Oh really? No wonder the price of bitcoin has refused to soar; a whale has spoken about the disadvantage of bitcoin.
If truly this is going against the green environment we're trying to build, I wonder why the rush for mining it. So paradoxical

 

[Shigobad2020]

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

Bitcoin mining has been an avenue for consuming much power and you need steady electricity and data to keep mining the bitcoin , cloud mining also takes a lot of electricity.

 

[nimzy]

Waw. if I can say that's a high rate of electricity consumption for the mining of bitcoin. I never had any knowledge on the mining of bitcoin with the consumption of electricity but I have today that's also a great knowledge to achieve.

 

[ahmedo24]

Bitcoin mining has been an avenue for consuming much power and you need steady electricity and data to keep mining the bitcoin , cloud mining also takes a lot of electricity.

I don't think it consume that much because even when Elon Musk give reasons about Bitcoin mining he didn't mention high consumption of electricity but the environmental impact.

 

[Justin]

Energy consumption in bitcoin mining is one of major issues of bitcoin. This is one reason why Elon Musk stopped accepting Bitcoin for Tesla. However, the issue can be tackled through the use of renewal energy.