Bitcoin mining consumes less energy than was claimed before

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Bitcoin mining consumes less energy than was claimed before

Mining of the first cryptocurrency consumes 35 TW of electricity, which is two times lower than previously announced by the developer of the energy consumption index of the network bitcoin (BECI) Alex de Fries. This is stated in a study published in June by Coinshares, which supplies research products in the field of cryptocurrency.

“Our conclusions and results are fundamentally contrary to what was presented by Alex de Fris. I believe that his figures are based on incorrect assumptions stemming from inadequate research, “said the head of Coinshares and co-author of the study Christopher Bendixxen.

According to the Coinshares report, the network hashit increases annually by about 300%, the chip efficiency increases by 80%, while the cost of the chip itself drops by an average of 50%.

The study also notes that when mining bitcoin often consumes cheap renewable energy sources, in particular, hydroelectric power.

“With regard to the use of coal-fired thermal power plants in mining, we can confidently say that this phenomenon is not widespread, has an exclusively seasonal character and occurs only in some regions of China,” the report says. Alex de Vries said that before the end of 2018, energy costs for mining bitcoin will be 0.5% of the total consumption of the planet.

  • bitcoinBitcoin$3,683.45
  • rippleXRP$0.327369
  • ethereumEthereum$122.75
  • tetherTether$1.00
  • eosEOS$2.45
  • stellarStellar$0.107380
  • litecoinLitecoin$32.56
  • cardanoCardano$0.045348
  • tronTRON$0.024348
  • moneroMonero$45.25
  • iotaIOTA$0.313927
  • nemNEM$0.056988
  • dashDash$72.34
  • neoNEO$8.03
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