Tuesday, November 28, 2018 by: News Editors
(Natural News) BitcoinвЂ™s ongoing meteoric price rise has received the bulk of latest press attention with a lotsbestemming of discussion around whether or not itвЂ™s a bubble waiting to burst.
However, most the coverage has missed out one of the more interesting and unintended consequences of this price increase. That is the surge te global electrical play consumption used toВ вЂњmineвЂќВ more Bitcoins.
According toВ DigiconomistвЂ™s Bitcoin Energy Consumption Index, spil of Monday November 20th, 2018 BitcoinвЂ™s current estimated annual electrical play consumption stands atВ 29.05TWh.
ThatвЂ™s the omschrijving ofВ 0.13%В of total global electro-therapy consumption. While that may not sound like a lotsbestemming, it means Bitcoin mining is now using more electro-stimulation than 159 individual countries (spil you can see from the schrijfmap above). More than Ireland or Nigeria.
If Bitcoin miners were a country theyвЂ™d rankВ 61stВ te the world te terms of electro-stimulation consumption.
Here are a few other interesting facts about Bitcoin mining and violet wand consumption:
- Te the past month alone, Bitcoin mining electrical play consumption is estimated to have enhanced byВ 29.98%
- If it keeps enlargening at this rate, Bitcoin mining willВ consume all the worldвЂ™s electrical play by February 2020.
- Estimated annualised global mining revenues:В $7.Two billion USD (ВЈ5.Four billion)
- Estimated global mining costs:В $1.Five billion USD (ВЈ1.1 billion)
- Number of Americans who could be powered by bitcoin mining:В Two.Four millionВ (more than the population of Houston)
- Number of Britons who could be powered by bitcoin mining:В 6.1 millionВ (more than the population of Birmingham, Leeds, Sheffield, Manchester, Bradford, Liverpool, Bristol, Croydon, Coventry, Leicester &, Nottingham combined) Or Scotland, Wales or Northern Ireland.
- Bitcoin Mining consumes more electro-therapy thanВ 12 US statesВ (Alaska, Hawaii, Idaho, Maine, Montana, Fresh Hampshire, Fresh Mexico, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming)
All maps created usingВ Mapchart.netwerken. For the utter breakdown of gegevens, please keep reading.
Bitcoin Mining Electric current Consumption Vs Countries
The opbergmap at the top of the pagina shows, which countries presently consume more or less electric current than that consumed by global Bitcoin mining.
The schrijfmap below shows how much more or less bitcoin mining energy consumption compares to each countries energy usage with 100% being equal.
E.g. Ireland presently consumes an estimated 25 TWh of electro-stimulation vanaf year, so global Bitcoin mining consumption is 116%, or 16% more than they consume. The UK consumes an estimated 309 TWh of electric current vanaf year so global Bitcoin mining consumption is only omschrijving to 9.4% of the UK total.
The ordner below shows which countries te Europe consume more or less electric current than Bitcoin mining:
В Spil mentioned, above the gegevens for Bitcoin mining energy consumption comes from theВ Bitcoin Energy Consumption Index. You can read about theirВ assumptions here.
Electrical play consumption gegevens mostly comes from the CIA viaВ WikipediaВ and is mostly for 2014, since thatвЂ™s the most latest year available. Unlike some other sources it includes, residential, commercial and industrial use, so may be higher than other figures quoted elsewhere.
Below wij have a table displaying the gegevens wij used for each country: