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Questions tagged [energy-consumption]

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Quantification of energy and carbon costs for mining cryptocurrencies [closed]

A recent study from Max Krause (see below) calculated the energy consumtion of Bitcoin as high as the one from Denmark! He also suggests new algorithms to minimize energy consumtion. Max J. Krause &...
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discerning the location of miners

For a given mining pool, is it possible to learn the distribution of the countries in which miners are located? My understanding is that while it is possible to identify the locations of bitcoin ...
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2answers
56 views

What is the reason to pay miners “monetary rewards” for mining process?

Is it correct to say that: In Bitcoin, it is crucial to incentivize miners by monetary reward, because mining process has significant monetary cost (energy/electricity cost). ? otherwise, mining ...
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1answer
91 views

What is the marginal energy cost of a bitcoin transaction?

According to this web page: https://arstechnica.com/tech-policy/2017/12/bitcoins-insane-energy-consumption-explained/ ...one bitcoin transaction consumes about 250 kWh of energy. Is this the ...
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3answers
194 views

How much power for mining single Bitcoin or bitcoin cash?

Is there a fixed amount, or maybe just the average, power used to mine one single bitcoin coin or single bitcoin cash coin? How low can the price fall until miners start red numbers?
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1answer
46 views

Can Bitcoin be “shutdown” if energy consumption for mining is heavily regulated?

Can Bitcoin be "shutdown" or heavily hampered if energy consumption for mining is heavily regulated? Can transactions still be processed if mining for new coins is hampered? I am thinking it would be ...
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2answers
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Is there a significance as to why bitcoin mining “costs” time/energy/money?

I have heard that the bitcoin mining process was created in a way that purposefully required the expenditure of resources (energy/money) in order to add real value to bitcoins. In this way, when more ...
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2answers
2k views

As transactions are getting increasingly slow and expensive, how can Bitcoin compete against newer better currencies? [closed]

If I understand correctly, every transaction needs new blocks to be created (mined), which is becoming increasingly hard, slow and expensive. Not mentioning the massive energy consumption, already ...
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1answer
240 views

How many CPU's work on blockchain today?

How many CPU's are working on blockchain now? How much energy is estimated to be consumed? I read an article on coindesk saying it may surpass all other energy consumption by 2020..... seriously?
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What is a likely solution to Bitcoin's energy consumption problem?

If the price of Bitcoin continues to climb, the total energy consumption of the system will increase proportionally at least until 2020 when block reward halves. It is not unlikely that at this point ...
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1answer
128 views

How does bitcoins power consumption compare to other financial institutions/exchanges? (ie banks, stock exchanges)

So recently in the news there has been some negative reporting bout bitcoins power consumption. "the Bitcoin network is consuming power at an annual rate of 32TWh—about as much as Denmark." ...
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1answer
3k views

In the case that I have free electricity, is mining worth it?

As the title indicates, I have three options that are gonna make me free of charge in terms are electricity, which I describe below: I have free access to electricity. I can have as much as I want ...
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2answers
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How does the computational cost of verifying transactions scale with the number of total transactions?

As more transactions are added to the block chain, does each individual transaction (ie. I send a bitcoin to a friend) get more expensive (in terms of FLOPS) to verify and commit to the chain? If each ...
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2answers
406 views

What is the average amount of electrical power required to complete one Bitcoin transaction? [closed]

Once a bitcoin has been mined, if I want to use it to pay for something, what is the average amount of electrical power required to process that payment or bitcoin transfer? Does this vary with the ...
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2answers
91 views

What would be the benefits of 10x the energy spent

Let's suppose the bitcoin network grew to be 10x the size it currently is in terms of the amount of energy spent. No other changes to the protocol were made. What benefits would this have versus ...
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1answer
173 views

can cryptocurrencies be energy efficient?

Is there an intrinsic reason why cryptocurrencies currently take a lot of energy to keep working? Is there a way to make a cryptocurrency still widely used but make it energy efficient?
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1answer
168 views

Is this the answer to Bitcoin's massive energy consumption issues? [closed]

In today’s world carbon footprint and efficiency matter. A lot of real world resources are burned away and a massive amount of computing power and electricity is spent on the bitcoin ledger to verify ...
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3answers
535 views

Keeping old blocks on an external hard drive and latest blocks on an SSD

I would like to keep the latest 512 MB of blocks on my SSD (using pruning?) and the rest of the blockchain on an external non-SSD hard-drive. Is there a way to do this already, or do I need to write a ...
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1answer
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What are the political and environmental implications of growing Bitcoin electricity consumption?

I have found lots of articles talking about how bitcoin works, and quite a few that analyze the growing industry around it. Relatively little though speaks to the potential political implications of ...
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3answers
391 views

Who Really Controls Bitcoin?

Source: https://steemit.com/bitcoin/@dantheman/who-really-controls-bitcoin This article suggests that governments and electricity companies have the power to control bitcoin. Any truth in this ...
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2answers
152 views

Would free energy cause a market collapse?

Consider a world where energy is free and plentiful. Bitcoin, and other cryptocurrencies, are given value since they are 'proof' of work. This work comes at the cost of: a. time b. energy By ...
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1answer
910 views

BTC transaction cost vs fees

According to https://ethereum.stackexchange.com/questions/11/how-do-ethereums-transaction-fees-compare-to-bitcoin current BTC transaction fees vary anywhere from $0.01 to $0.09 USD. But according to ...
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4answers
934 views

What can be done to slow/prevent mining centralization?

Assuming all buyers have access to the same ASICs (ignoring that ASICs developers and manufacturers will always have the latest first, even if only used for "testing" prior to sale) energy costs would ...
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1answer
798 views

What can be done with old (unprofitable) ASICs? [duplicate]

GPUs used for bitcoin mining have many other purposes and can generally be sold after they are no longer mining enough Bitcoin to meet variable (electricity, etc) costs. What uses do old ASICs have ...
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1answer
185 views

All else being equal which is better for the environment, Litecoin or Bitcoin?

Does scrypt mining inherently confer any environmental benefit or energy efficiency for the same level of service provided?
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1answer
2k views

Can it really be true that the Bitcoin system consumes almost $1.000.000 in electricity per day?

So I've been trying to figure out how much running the Bitcoin system really costs using the following numbers: Total Bitcoin Hash Rate: 300.000.000 GH/s Hashrate of an ANTMINER S4 (currently one of ...
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2answers
466 views

What are the limits of ASIC Mining?

My assumption is that ASIC miners optimize for the "hashes per joule" metric, as did GPU miners over CPU miners. It would seem that after some time, the decision to mine Bitcoins would be based on if ...
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Mining costs, impact on long term viability of BTC

Given the rapidly rising difficulty level and electricity consumption/$30 cost per transaction, is the protocol sustainable as-is, and if not what is most likely to happen in the evolution of BTC.
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3answers
14k views

Bitcoin mining by using solar energy. Is it possible? [closed]

I have a peculiar question concerning about bitcoin mining, for example, in Brazil it is unfeasible due to the high cost of electric power. Is it possible to do mining by using solar energy? Does ...
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1answer
965 views

A Butterflylabs 5 GH/s Bitcoin Miner running at 270 Watts?

A 5 GH/s Bitcoin Miner is running at around 270 Watt. I tested it with an Wattmeter. Is that a reasonable amount of Watt? In the comparison list on Bitcoin.it it says that those devices are running at ...
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0answers
46 views

Which percentage of miners are using ASICs vs GPUs or FPGA? Is it possible to know?

One of the common arguments against Bitcoin is the energy consumed by the network. The total hash-power of the network can be obtained fairly easily, but I'd like to estimate how much of that is due ...
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1answer
951 views

Electricity cost of mining

I've checked with my electricity provider, and I have been told the following: Unit Rate (per kWh) = 0.1399USD Standard Charge (per day) = 0.1645USD While mining, if my computer is using 100w (which ...
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1answer
1k views

Uses of computing power by bitcoin miners

How much of what this article says is true? I thought I had read that bitcoin miners are the ones who maintain the blockchain. Do they also do something other than maintaining the blockchain? In ...
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1answer
415 views

disregard power costs for mining in the winter? [duplicate]

My theory is that if you are mining in the winter you should discount power costs completely, since the heat generated by your miner will contribute to the heating of your home and thus cause your ...
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7answers
773 views

Will the energy cost and deflationary nature of Bitcoins doom the currency to obscurity?

I couldn't find enough questions that ask this head-on1, so consider that if: Bitcoins are designed to reflect the deflationary characteristics of a specie currency; and The distributed nature of ...
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6answers
5k views

How much energy will the Bitcoin network eventually consume? [duplicate]

A recent Bloomberg article stated that the Bitcoin network currently consumes about half as much energy as the Large Hadron Collider or enough to power 31,000 US homes. Even if the article is way off ...
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2answers
696 views

Does difficulty ever stop increasing?

I know we don't have to worry about this for a very long time, but... One argument against Bitcoin, and really, digital currencies as a whole, is that, in order to time blocks with reasonable ...
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5answers
2k views

If Bitcoin mining is becoming more and more impractical, what then?

If Bitcoin mining is becoming more and more impractical, where you'll need to buy like a ButterflyLabs unit, and where even eventually a room full of these units might not be enough some day, what ...
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2answers
1k views

What has a lower long term cost per hash: LTC, BTC or other alt coin?

I'm trying to understand the cost per hash operation with Litecoin vs Bitcoin over time. The theory is that the network that has the best prospects for long-term security (via hashing) will set a ...
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1answer
236 views

How can one estimate the amount of Watts that is consumed by the mining network as a whole?

I'm trying to estimate the Wattage used in mining operations over time and compare that YoY cost with mining physical materials (gold, silver, etc). I hope that the electrical impact is less than ...
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3answers
451 views

Is the current network difficulty algorithm appropriate for “Peak transaction-only mining”?

At some point in the future miners will depend more on the Tx fee than per-block payout. Right now people turn on and off their equipment based on local trends such as price of electricity, etc. On ...
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1answer
380 views

Bitcoin - Green mining [closed]

I would like to know whether any work known to bitcoin community, related to 'green mining'. As power consumption is main cost factor in mining, alternate energy sources like, solar / wind powered ...
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1answer
846 views

How do I protect my mining rig from brownouts and electrical surges?

My mining rig consumes 1,250w. What additional information do I need, or how do I shop for a product that will protect me from Brownouts and Electrical surges. I'm not interested in UPS ...
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4answers
805 views

What is the ecological effect of increased work for the Bitcoin chain?

As more users use Bitcoin and "forced work" difficulty increases what effect does this have ecologically? It is a silly question I know. I'm just comparing let's say value or effect of using ...
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4answers
961 views

World-wide price for generating 1BTC

Can we find an algorithm to compute the average price (as energy consumption) of 1 BTC being generated if we know: hash rate, difficulty, energy price?
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2answers
932 views

Where in the world is bitcoin mining the most profitiable? [closed]

This is a question for Bitcoin miners. High cost of electricity can really cut down on the profitability of Bitcoin mining. I want to know what geographic location has the cheapest electricity and ...
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5answers
14k views

Will mining significantly increase the power consumption of my PC?

I have a PC that is always on 24/7. I use it as an SSH and backup server, and it has a modest, not-too-great GPU that sits idle most of the time. I hear a lot of talk about mining not being cost-...
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2answers
1k views

Will the amount of electricity used for mining be huge if Bitcoin is widely adopted?

A quick and very rough estimation: If the USD/BTC exchange rate grows to $1000/BTC (not that far-fetched if Bitcoin is actually widely adopted) bitcoins for a value of $300000 would be produced every ...