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Bitcoin Mining Consuming Vast Amounts of Power

more electricity annually than the whole of Argentina

         

engine

3:34 pm on Feb 10, 2021 (gmt 0)

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According to research by Cambridge University, Bitcoin mining is consuming vast amounts of power, and it says it consumes around 121.36 terawatt-hours (TWh) a year: more electricity annually than the whole of Argentina.

Surely, this level of energy consumption cannot go on.

[bbc.co.uk...]

graeme_p

3:48 pm on Feb 10, 2021 (gmt 0)

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The article also says this:

However, it also suggests the amount of electricity consumed every year by always-on but inactive home devices in the US alone could power the entire Bitcoin network for a year.


In context, its a relatively minor problem.

Also, it ways that Bitcoin is mostly mined from electricity generated from coal. I assume that is because so many Bitcoin miners are in the country that uses coal the most?

engine

4:00 pm on Feb 10, 2021 (gmt 0)

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In context, its a relatively minor problem.

I wouldn't call that minor, it just adds to the problem. Until energy prices rise, and they will, people will be lazy and leave their machines on, just like leaving lights one, etc.

graeme_p

9:50 am on Feb 11, 2021 (gmt 0)

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I meant Bitcoin mining was a relatively minor problem, people leaving stuff on is definitely a significant problem.

engine

10:30 am on Feb 11, 2021 (gmt 0)

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Correct.

I wonder if people realise how much energy their computer consumes. I suspect not.
If they did they might turn them off.

RhinoFish

3:37 pm on Feb 12, 2021 (gmt 0)

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Regulators need to step in and save the planet from Bitcoin. (Hahahaa, Friday fun!)

NickMNS

4:25 pm on Feb 12, 2021 (gmt 0)

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I wonder if people realise how much energy their computer consumes

The energy consumed by your computer is a function of the work being done the computer. If your computer is doing a CPU intensive task such as manipulating large amounts of data, then effectively your computer will be consume an enormous amount of energy, but if you computer is sitting idle it isn't really consuming that much electricity, probably 100watts. I'm tempted to equate that to a light bulb, but now the age of LED bulbs, it would be the equivalent of about 10 light bulbs. Your screens are probably consuming the most energy. Turn those off when your not in front of them.

In the case of Bitcoin mining, the task of hashing is extremely CPU intensive, to the point where nearly all of the energy spent, is used on cooling the CPUs or GPUs.

I will just point out that consuming electricity by producing goods (or I guess Bitcoin), when the demand for electricity is low, in cases where the production of electricity cannot be stopped, is likely a better use than simply letting the electricity or source or go to waste.

In a prior life I worked in the Aluminium industry, during that time there was a boom of Aluminium plant construction the Middle-East. The reason was that these oil producing countries where extracting a large amount of natural gas as a by product of crude extraction. Natural gas is land locked, as it can't be easily transported by sea. They had all this gas but nothing they could do with it. So they produced power plants, and now they had electricity but not enough consumer for the amount produced. So they decided to produce aluminium, as it's main ingredient in terms of cost is electricity, they could then ship and thus sell the aluminium. The world didn't need more aluminium smelters, but had they not produced aluminium the natural gas would likely have been burned of into the atmosphere. So the end result was that it caused a drop in aluminium price that in turn forced older less efficient plants to close which in turn meant less pollution and likely less C02 production (probably only a marginal drop).

Now the mining of Bitcoin doesn't produce any CO2 or pollution, while the smelting of aluminium does. (Note that both these activities require the production of electricity which does produce CO2 in most cases [obviously not in the case when renewables are used], so CO2 production from electricity in this case is a sunk cost [ie can be ignored]). I wouldn't be surprised if these countries have reduced the amount aluminium produced, in favor of using the electricity to mine Bitcoin thus reducing the production of CO2 and causing the price of aluminium to climb (I haven't checked the aluminium price so this is speculation not fact).

Brett_Tabke

1:16 am on Feb 13, 2021 (gmt 0)

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Mining is not going away. Even if all the govts of the world decide to turn off the power for a day, there will still be crypto mining going on.

>consumes

There is a limitless supply of power in the universe. Lets not confuse generation issues, with consumption issues.

I'm quite optimistic about the future of power generation. I think we can go full green in next couple decades. Europe is doing great!


[forbes.com...]

Before we rage on Crypto mining using so much, you have to wonder how much electricity banks, and the monetary system uses? (I've heard it is on the order of 100,000 times as much as crypto mining)

NickMNS

2:30 am on Feb 13, 2021 (gmt 0)

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Before we rage on Crypto mining using so much, you have to wonder how much electricity banks, and the monetary system uses?

To make such a statement you must compare apples with apples, "banks" and "the monetary system" perform far more roles than just simply keeping a ledger of transactions. Credit card companies do keep ledgers of transactions, among other activities. The number of transactions processed by credit compares is orders of magnitude greater than those transaction processed through the bitcoin blockchain and the energy cost for a credit transaction is a fraction of the cost of processing bitcoin, and occurs orders of magnitude faster.

Mining is not going away.

It depends what you mean by going away, I don't see much of a future for it in it's present form with its technological challenges. But I doubt it will go away either, it will like evolve and grow into something far more robust. What that will ultimately be and how it will look is anybody's guess.