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Bitcoin power consumption
Bitcoin power consumption
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Old 16th November 2017, 02:31 AM   #1
Cal Weldon is offline Cal Weldon  Canada
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Bitcoin power consumption
Default Bitcoin power consumption

Did I hear this correctly?

A single bitcoin transaction uses 250 kW/hr?
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Old 16th November 2017, 06:27 AM   #2
S4m is offline S4m  Germany
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I have the information from a german article that the powerconsumption of Bitcoin is 16,36TWh/year. So that's the same consumption as Libanon or Kuba! 0.08% of the world power is used only for Bitcoin. All the other crypto-currencies are not in this calculation :O

"Laut Daten von digiconomist.net beträgt der geschätzte jährliche Energieverbrauch aller Bitcoin-Aktivitäten aktuell ca. 16,36 Terawattstunden (TWh). Wäre Bitcoin ein Staat, würde dieser damit Platz 76 der energieaufwändigsten Staaten der Erde einnehmen – eingerahmt zwischen dem Libanon (77) und Kuba (75). Insgesamt entfallen etwa 0,08 % des weltweiten Energieverbrauchs auf Bitcoin-Aktivitäten, Tendenz steigend."
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Old 16th November 2017, 06:29 AM   #3
S4m is offline S4m  Germany
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Oh and the article was some month old here something newer:"Denn je Transaktion werden rund 245 Kilowattstunden Strom benötigt."
So 245KW for one transaction according to the FAZ 08.11.2017
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Old 16th November 2017, 08:34 AM   #4
gpauk is offline gpauk  Scotland
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Entirely believable if you ever tried any bitcoin mining - it takes such a lot of power now, it's become more and more complex. Even the simpler mining currencies like Etherium are barely worth the processing cost.

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All that [bitcoin] processing guzzles a lot of electricity: one of the latest estimates put the annual electricity consumption of bitcoin mining at 23.07 terawatt hours, roughly the amount of electricity used by Ecuador each year.
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Old 16th November 2017, 10:23 AM   #5
DF96 is offline DF96  England
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There were some interesting articles about bitcoin and mining etc. in the IEEE magazine. I think I have now thrown it away. Bitcoin mining is big business in some parts of rural China because power and land is cheap. It may be that case that bitcoin is an example of a technology (like electric cars?) which is fine provided most people are not doing it.
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Old 16th November 2017, 11:48 AM   #6
nigelwright7557 is offline nigelwright7557  United Kingdom
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Quote:
Originally Posted by Cal Weldon View Post
Did I hear this correctly?

A single bitcoin transaction uses 250 kW/hr?
Isn't it something to with the bitcoin database having to be on every computer ?
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Old 16th November 2017, 12:09 PM   #7
gpauk is offline gpauk  Scotland
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No, it's the mining that is the problem... To get new coins, there's a massive amount of processing to do... There's custom processing hardware for it these days, used to be done with GPUs but it got too complex.
Iceland and China are popular because of the cheap power. Some bitcoin farms are bigger than Apple datacenters....
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Old 16th November 2017, 12:45 PM   #8
kevinahcc20 is offline kevinahcc20  United States
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That is about 15 days average consumption at my house and would cost a bit under $40US here in Detroit. While it's a lot of energy that seems like a helluva deal to trade $40 of power for a Bitcoin worth thousands. Of course there is the cost of capital equipment and the labor involved.
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Old 16th November 2017, 01:00 PM   #9
tubesguy is offline tubesguy  United States
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Originally Posted by kevinahcc20 View Post
That is about 15 days average consumption at my house and would cost a bit under $40US here in Detroit. While it's a lot of energy that seems like a helluva deal to trade $40 of power for a Bitcoin worth thousands. Of course there is the cost of capital equipment and the labor involved.
You end up with a small fraction of a Bitcoin. The only way I made money on my brief adventure in mining was to buy a miner on ebay and then, after a big jump in Bitcoin value, sell the miner for twice what I paid for it.
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Old 16th November 2017, 03:13 PM   #10
VenusFly is offline VenusFly  Australia
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Bitcoin power consumption
There are rentable cloud mining clusters online which will let you buy a share of a piece of processing power of a large cluster for a price which will dwarf any sort of home processing power you could possibly achieve. You pay for the upkeep of it along with tons of other chums and as a result you receive bitcoins in return. However even in this fantastically upscaled state mining bitcoin is horrendously inefficient. I've done it myself and I quit about 2 weeks in because of the lack of ROI. I didn't get anywhere near my ROI, I maybe got 2 cents out of $30 outlay. I did the math for 2 years and it no where near matched the $30 that I paid AND during this time the difficulty of mining goes up during those 2 years. So there is no way that you could possibly ever regain your investment. It is a ponzi scheme for people who cannot do basic math.

https://www.genesis-mining.com/

Needless to say I asked for a refund.

The return is so close to 1:1 or less that its best to look at it in a way of buying bitcoin by mining instead of buying it in a trade. You need tens of thousands of dollars invested to make any sort of worthwhile returns.

And yes any sort of home processing isn't worthwhile even if you have free electricity (such as a grid-tie solar power system) because you need to buy the hardware.
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Last edited by VenusFly; 16th November 2017 at 03:28 PM.
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