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Electricity consumption for mining Bitcoin?

  • Thread starter Thread starter Aaron625
  • Start date Start date
Aaron625 said:
* 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.
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From the above data information I would say it will be very difficult to mine bitcoin in third world countries. The electricity consumption is very high and there is no stable electricity in those countries. I laugh whenever I hear it is possible to mine Bitcoin with smartphone.
 
With smartphone it's only possible to mine crumbs and surely, mining apps contribute to a previous battery consumption, as computer mining contributes to destroy a weak GPU. About electricity consumption, it's also very high among some tier2 countries, so a mining out of a rig, capable to mine huge cryptocurrencies amounts, doesn't provide a true earning.
 
Knowing very well that there is no need to keep wasting my time trying to mine any kind of cryptocurrency have already made it possible for me to over anything being sold to me as the best way to mine.
 
Stnicholaz said:
From the above data information I would say it will be very difficult to mine bitcoin in third world countries. The electricity consumption is very high and there is no stable electricity in those countries. I laugh whenever I hear it is possible to mine Bitcoin with smartphone.
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Those apps that promise to pay you bitcoins for mining through smart phones are no doubt a scam , the bitcoin mining is not at all that easy. It requires high graphic computer or the physical mining rig set-up. The electricity bills are cheaper though in our country.
 
Aaron625 said:
Those apps that promise to pay you bitcoins for mining through smart phones are no doubt a scam , the bitcoin mining is not at all that easy. It requires high graphic computer or the physical mining rig set-up. The electricity bills are cheaper though in our country.
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You can say that again.. those apps are scam. As for electricity in my country electricity is luxury, what we have here power supply is not stable plus exorbitant bills. So it will be very difficult for average citizen to even think of minning bitcoin.
 
Nomad said:
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.
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Do you know my biggest problem with all this talk about bitcoin and cryptocurrency mining is that I've never heard once or seen someone who was successful in mining at least $1000 BTC.
 
Stnicholaz said:
You can say that again.. those apps are scam. As for electricity in my country electricity is luxury, what we have here power supply is not stable plus exorbitant bills. So it will be very difficult for average citizen to even think of minning bitcoin.
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One option to mine bitcoin is cloud mining which doesn't depend electricity consumption but rather needs investment. There are one or two legit cloud mining sites. Crypto tab browser is a different one as well.
 
Green energy does not exist on earth. Every energy source has a downside. No matter what energy source we use the sun, wind or nuclear power plant all energy sources have a negative impact on the environment. In my opinion the optimal solution is to switch to a POS system. In the future, the blockchain system will be more sophisticated and traditional miners will no longer be needed
 
Mining consumes a significant quantity of power. I'm aware that bitcoin mining costs power, but I'm not sure how much. At that pace, I don't think I'll be able to make a profit mining in my nation.
 
Actually I didn't believe that electricity can be so demanding when it comes to mining not until I started mining on Pi network. My phone isn't that compatible with it as it becomes so hot.
 
Aaron625 said:
* 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.
Click to expand...
Hmmm, I wonder if with the usage of such electricity then how is this mining profitable to them if they are going to pay so much money for electricity ? And another thing is that why can't they concentrate in mining of other cryptocurrency and not necessarily bitcoins ?
 
One of the major issue with Bitcoin being the every day currency is the cost involved with producing bitcoin. It uses a lot of electricity and most of the miners are using fossil fuel to mine.
 
Wow! to me, that is alot of electricity consumption in the mining of bitcoin. that is to say, the mining of bitcoin or any cryptocurrency is not an easy task or very cheap as people of other places may suggest it as very easy. if not now I have no knowledge about how it cost to mine using electricity.
 
People are beginning to use alternatives to the current power source in mining of crypto currency and this means that very soon, we won't bother about electricity consumption rate.
 
mining actually consumes lots of electricity. I don't mine any cryotocurrency just because of the electric current it absorbs. but you can still mine different coins.
 
If this is true in anyway then I see why most countries do not allow the minig of Bitcoin in their environment.
I think it is toxic and bad for the environment
 
This is actually a lot of electricity that this bitcoin miners and using but I do not think it is a problem because they can always switch tomorrow environmental friendly sources of energy and as such that should not be a cause for alarm.
 
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.
 
Wow, then china really tried because it is the only countries that is taking the mining of cryptocurrency serious and they are capable of providing electricity to the mining organisation.. wow is not really easy as I was thinking.
 
There are already so many things that are consuming more electricity even before the Advent of cryptocurrencies mining. All these are theories postulated by critics to promote fear .
 
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