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Bitcoin Mining Power-Consuming

January 13, 2018 | By | Reply More

Bitcoin Mining Power-Consuming – mining is the “lifeblood” of Bitcoin, but like any industry, it consumes energy in order to maintain a precious virtual currency in circulation. There are a lot of miners around the world, and in the next few years there will be even more of them, as bitcoin and other crypto-currencies are becoming more popular. In its current form, the BTC mining is a profitable undertaking. With a price more than $ 15’000, there are many transactions that need to be processed. Like any plant, the mining farms use electricity. A lot of electricity.

According to the British company Power Compare, the increase in the price of bitcoin has increased the demand for power supply.

Bitcoin Mining Power-Consuming Bitcoin Mining Power-Consuming

The combination of annual electricity consumption for bitcoin and Bitcoin Cash mining increased to 31 terawatt hours. According to estimates, bitcoin mining is estimated at $ 9.7 billion per year.

Key network statistics

  • Bitcoin and Bitcoin Cash in total use 0.13 percent of global energy consumption, which puts the industry at 61st place in terms of electricity consumption.
  • The energy consumption for mining in November 2017 increased by almost 30%. No doubt, this is due to the rising cost of currency.
  • If the demand for electricity caused by mining continues to remain at the same level – the industry will consume all the world’s electricity supplies by 2020.
  • Bitcoin mining uses more energy than most African countries, as shown in the Power Compare illustration upper.

Source: http://www.ethereum.cm/blog/2017/12/04/bitcoin-mining-takes-advantage-of-much-more-energy-than-most-african-international-locations

Category: News

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