Dec 21, 2017 by Andrei Calina
Facebooktwittergoogle_plusredditpinterestlinkedinmail

As you probably know, mining Bitcoin can be pretty expensive. The processes that each coin¬†goes through in order to be mined requires more electricity than the average United States user consumes in a year. Also, mining allegedly consumes more power than pretty much any country uses each year. For example, its electricity usage is equivalent to Bulgaria’s consumption, says a report from CNBC.

However, the most curious aspect is that after conducting several analysis, it was revealed that Bitcoin’s power consumption is actually questionable. Energy and IT researchers said that they are skeptical about these estimates, even though they have been accepted as gospel by many journalists or billionaire investors.

But the latest predictions are absolutely hilarious, if you ask us!

Some people claim that Bitcoin mining will required as much energy as the entire United States in 2019, while by 2020 it will reach the entire world’s consumption. Basically, you will consume a ton of energy if you want to create a Bitcoin on your own.

These numbers are based on an estimated made by Digiconomist and it’s based on information coming by British website Power Compare, offering electricity information.

Even though these numbers are correct, the power consumption from Bitcoin mining wouldn’t amount for that much, since it actually requires just 1 percent of the global demand of energy.

“Companies who make big investment decisions based on numbers that are highly uncertain are almost always going to get burned. It’s just a mistake to jump to conclusions,” Stanford lectured Jonathan Koomey, author of numerous electricity studies said.

Just asumptions, at least for the moment

For the moment, al these theories are just based on asumption. In reality, nobody can actually make a real claim regarding cu current electrico power use to mine Bitcoin, without analyzing some data from the miners.

On the other side, if energy required for this tends to reach way to high values, we’re absolutely convinced that miners will eventually start looking for alternative power sources.

Facebooktwittergoogle_plusredditpinterestlinkedinmail