If bitcoin were a country, it would be the 40th largest consumer of electricity in the world. A new study highlights major cryptocurrencies trying to solve its growing problems. Discussion on energy crisis of bitcoin
Based on these data, the amount of energy used in each transaction can run in a dishwasher for one year.
Since the bitcoin network processes only 200000 transactions per day, this means that the average power consumption per transaction is at least 300 kwh, and each transaction may exceed 900 kwh by the end of 2018. It means you can’t deal with bitcoin without a lot of energy, just a lot of miners. Currently, miners earn about $100 per transaction. Estimate the electricity consumption of bitcoin miners in their bitcoin energy consumption index (bexi). According to its data, bitcoin uses 67.91 TWH per year, which is much larger than Chile, ranking 40 in the world, reaching 66 TWH. They estimate that each transaction uses 929 kilowatt hours of electricity, equivalent to running three dishwashers a year. The main problem is that these numbers are rising at a steeper rate and have been rising since September 2017.
How much money do miners make and figure out how much electricity they might spend. They then consider the price of electricity and estimate the amount of electricity used. It does rely on a few assumptions, but it will be much more difficult to contact all bitcoin miners and ask how much power they use.
Choose to use renewable energy
In fact, bitcoin’s best choice is to use renewable energy, as highlighted in the response to this paper. According to the International Energy Agency, renewable energy will grow by 40% by 2022, and the dominant position of renewable energy in new energy will be emphasized. Iceland has shown how it can play a role in 100% renewable energy operations. In essence, renewable power allows bitcoin networks to operate without changing their infrastructure.
Other ways to solve this problem include turning to Ethereum’s proof. Ethereum uses about a third of its bitcoin power. This may significantly reduce power consumption, but the question is whether the network will remain secure.