tw/h	2018-6-17 08:41

Mining

Embellished estimates as to the total electricity consumed through bitcoin mining have again made the rounds in the media recently, with many stories claiming that energy consumed by mining annually is comparable to that which is consumed by the entire nation of Ireland.
Said stories appear to have been triggered by research published by Alex de Vries citing Digiconomist’s Bitcoin Energy Consumption Index (BECI) – an index that critics have approximated to overestimate the power consumed through bitcoin mining by more than 115%.
Refuting estimates based upon the BECI index, Coinshares has published a report claiming that the mining industry consumes approximately 35 terawatt hour (tw/h) worth of power each year – a 50% reduction from estimates based upon BECI.
Receiving less attention, however, have been the criticisms of the assumptions underpinning Digiconomist’s BECI.
The head of Coinshares Research and co-author of the report, Christopher Bendiksen, states “The argument has long gone that the carbon footprint of mining is antithetical to the world’s environmental needs.

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