Will Bitcoin Mining Consume the Global Energy Power in a Few Years?
The mining activity is consuming a lot of power energy. The largest country in the world in terms of Bitcoin mining is China. This is because they provide energy at the lowest cost. But, how much does Bitcoin mining cost according to the world’s vital source of existence?
The process of mining Bitcoins consumes around 20.000 gigawatt hours of electricity per year. This is equivalent with 1% of the global power.
How much does Bitcoin mining processors consume?
One of the mining processor is called Antminer S9. It consumes energy to solve the blockchain’s algorithms. Such a process consumes the necessary power that would be enough to connect a refrigerator and a full screen TV. If it’s connected 24/7 within a year, the calculations will lead us to about 15,000 kilowatts hours and will produce 0.85 Bitcoin. According to your energy costs, you will be able to calculate how much it may cost you.
Where can you buy the processor? You will find it at the Walmart chain hypermarket.
Is it possible for Bitcoin to consume the entire global energy power in some years?
No! You shouldn’t worry about this fact yet. The team consisting of analysts Michael Weinstein, Khanh Nguyen and members from USA Credit Suisse Bank made a research about Bitcoin’s mining energy. Well, the results will surprise you. The United States of America consumes around 4,3 million gigawatts per year, while China eats only 6 million of gigawatts. Do you think Bitcoin mining is likely to exceed the global amount of produced gigawatts?
The analysts have reached yet another surprising result. The price for 1 Bitcoin needs to be around 1 million US Dollar so that the mining process would consume the global energy power.
Of course, as the time goes by, the technology will get more efficient and less expensive.
What about Web Servers?
These are consuming between 20.000-70.000 gigawatt hours per loads. The scientists from the Lawrence Berkeley Lab said according to Energy Technologies Area (ETA) that till 2020, the industry will change its efficiency with 45%.
What’s your opinion about Bitcoin mining: when will this achieve the highest level of consumed energy power?