Research shows that bitcoin mining consumes 0.5% of the world’s electricity every year

The following is the Research shows that bitcoin mining consumes 0.5% of the world’s electricity every year recommended by recordtrend.com. And this article belongs to the classification: Blockchain, Bitcoin.

A new study shows that bitcoin mining consumes about 91 terawatt hours (trillion watt hours) of power every year, equivalent to about 0.5% of the total global power consumption, which exceeds the power consumption of Finland with a population of 5.5 million and is more than seven times that of Google’s global business. Over the past five years, the power consumption of bitcoin mining has increased tenfold.

This is roughly equivalent to the annual power consumption of Washington state, more than one-third of the annual power consumption of residential refrigeration in the United States.

With the sharp rise in the price of bitcoin in recent years, it is not difficult to predict that the power consumption of bitcoin will continue to grow. With the intensification of competition, bitcoin mining has become an independent industry, which needs special machines, servers and huge data centers. These data centers need sufficient cooling capacity to prevent computers from overheating.

The mining process itself has become more complex. In 2011, a desktop computer can easily mine bitcoin, which had few followers at that time. Now, it takes about 13 years for an ordinary family to mine a bitcoin.

For those who have been concerned about bitcoin and the wider field of cryptocurrency, the impact of mining on the environment has always been an issue to consider. Earlier this year, there was a power outage in Iran, partly due to bitcoin mining. In March this year, Microsoft co-founder Bill Gates warned that bitcoin was “bad for the climate.” US Treasury Secretary Janet Yellen also said that the energy consumption of bitcoin was “shocking”.

More reading: DIAR: in 2018, the return and cost of q1-q3 bitcoin mining machine reached US $4.7 billion, and the annual power consumption of bitcoin mining was about 29.05 TWH, surpassing 159 countries in the world. Princeton University: the power consumption of bitcoin mining is close to 1% of the global total power consumption. Bitcoin mining boom: selling equipment can be compared with “miners” More profitable bitcoin mining consumes 1 million kwh of electricity per day, about $150000 per day. Google Trends: the data shows that “buy bitcoin with credit card” Search volume reached an all-time high backblaze: research shows that the profit margin provided by hard disk mining Chia is very low glassnode: the number of bitcoin active addresses was about 716000 in June 2021, down 47% from the peak FTC: since October 2020, Americans have lost more than US $80 million due to cryptocurrency investment scams, with a year-on-year increase of 1000% coingecko: the share of bitcoin market value in the total market value of cryptocurrency has hit a new high New low to 42.6% bolster: cryptocurrency fraud increased by 90% year-on-year in 2020 the block research: cryptocurrency transaction volume exceeded US $1 trillion in February 2021, setting a new record bitwise: up to 86% of cryptocurrency transaction volume may be forged Aurora big data: there were more than 7.5 million virtual currency app users in 2018 juniper research: the cryptocurrency field is on the verge of collapse

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