Bitcoin Mining Consumes More Electricity Than New Zealand, Report Finds

Bitcoin Mining Consumes More Electricity Than New Zealand, Report Finds
фото показано с : cryptobriefing.com

2019-6-7 18:32

Bitcoin mining currently consumes more electricity than the entire country of New Zealand, according to a new report. But the cloud has a green lining: researchers determined that much of that electricity comes from renewables, indirectly subsidizing environmentally-friendly sources.

The report by London-based crypto investment firm CoinShares calculated that the global Bitcoin mining industry draws 4.7GW of power every second. Hashing computations for the Proof-of-Work algorithm consumed 4.3GW, up 0.4GW from the last CoinShares report in November 2018.

Based on these figures, researchers calculated an annual consumption of 41TWh of electricity. That’s roughly 2.2TWh more than New Zealand – a country of 4.7M people – consumed in 2017, according to the country’s Electricity Authority.

The 41TWh projection is based on the mining industry’s estimated electricity consumption on May 31st, the date the report was published. Consumption will change depending on the number of rigs active at any one time.

Bitcoin mining is a sizeable industry, with annual revenues of $5.2bn in block rewards and $300M in transaction fees in 2018.

At present, it costs around $5,600 to mine each bitcoin, and with prices circling $8,000 miners can expect a $2,400 return. That works out as an annualized return of $6.2bn for the industry as a whole, at current prices and overheads.

The mining industry tends to follow the market. Total hashrate bottomed at 34.8M TH/s in December 2018, as the bitcoin price fell to its yearly low of $3,200. As the market started to recover, hashrate increased as well. When Bitcoin briefly touched $9,000 on May 30th, hash rate stood at 53.3M TH/s.

Source: Blockchain.com

Based on these trends, hash rate and power consumption are expected to increase as long as prices continue to rise.

BTC Mining A “Driver For New Renewables”

However, that doesn’t mean the industry runs on coal. As found in the last two CoinShares reports, China remains a central hub for mining activity. Sichuan Province, in the Southwest of the country, provides 50% of the global hash rate.

That means China’s BTC miners are largely running off of renewable sources. “Bitcoin mining is acting as a global electricity buyer of last resort and therefore tends to cluster around comparatively under-utilised renewables infrastructure,” CoinShares found.

Based on their estimates, researchers calculated that 74.1% of the mining industry’s electricity consumption comes from renewable sources, four times the global average.

Sichuan has an abundance of hydro-electricity, generated from a stretch of the Yangtze River. It has some of the cheapest electricity in the world during the Fengshui rainy season. Other areas with a high concentration of miners, such as the West Coast of North America, Scandinavia and the Caucasus, all have above-average renewable penetration.

“This could help turn loss-making renewables projects profitable and in time—as the industry matures and settles as permanent in the public eye—could act as a driver of new renewables developments in locations that were previously uneconomical,” researchers concluded.

The post Bitcoin Mining Consumes More Electricity Than New Zealand, Report Finds appeared first on Crypto Briefing.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0050425 (-100%)

report electricity mining bitcoin new zealand consumes

report electricity → Результатов: 32


Фото:

Chinese Listed Companies and Bitcoin Mining: Partner or Predator?

This article was originally published by 8btc and written by Lylian Teng. Some Chinese listed companies have jumped on the bandwagon of bitcoin mining following the bitcoin bull run throughout 2017, either under the guise of cloud computing or providing mining hosting services, in an effort to bypass regulations considering the country’s tough stance on bitcoin.

2019-5-29 18:53


Фото:

Mongolia Will See At Least 1000 New Bitcoin Miners In 2019

Participants in Mongolia’s Bitcoin mining industry plan to significantly expand the scope of their operations, local media report January 11. Japan’s Ginco Doubles Down On Mongolia The East Asian country, known for its cheap electricity and being home to the world’s northernmost desert, will see one of its miners almost treble in size this year alone, despite the ongoing Bitcoin bear market.

2019-1-12 05:00


Mining Report Says EOS Blockchain Requires Much Less Electricity in Comparison to Bitcoin or ETH

There are indeed a growing number of positive aspects with EOS, but a newly discovered quality could make it much favorable among cryptocurrency enthusiasts. For example, it has been found that EOS consumes a less amount of power compared to the sheer consumption witnessed with Bitcoin in the creation of virtual coinage. Calculations performed by […]

2018-10-31 03:22


Майнер из Китая сядет в тюрьму на 3,5 года за кражу электричества

Майнера из Китая уличили в краже электричества, стоимостью в $15 000. Суд приговорил его к тюремному заключению на 3,5 года. Chinese guy sentenced to 3. 5 yrs in prison and pay ~$14. 5K in fines for stealing ~$15K worth of electricity to mine 3.

2018-10-8 18:03


Китайский суд приговорил майнера к 3,5 годам тюремного заключения за кражу электричества

Суд в КНР приговорил майнера к тюремному сроку в 3,5 года за кражу электричества, стоимостью в $15 000. Об этом сообщает традиционный поставщик новостей из Китая cnLedger. Chinese guy sentenced to 3.

2018-10-8 13:08


Фото:

Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in China

In recent mining news, major mining chip manufacturer Ebang Communications has filed for an Initial Public Offering (IPO) in Hong Kong, a Chinese miner has been arrested for allegedly stealing 150,000 kilowatt-hours (kWh) of electricity in roughly one month, and a report has provided unique insight into the state of mining in the Russian exclave […] The post Mining Round-Up: Ebang Files for IPO in HK, Miner Arrested in China appeared first on Bitcoin News.

2018-6-28 12:55