Study: year-end bitcoin mining will consume 0.5% of world electricity

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Economist Alex de Vries, published on may 16, article, “the Energy problem Bitcoin” in a scientific journal, Joule, said in an interview with the Independent, Bitcoin will use about 0.5% of world’s energy by the end of the year.

Alex de Vries in their study came to the conclusion that the network of BTC currently consumes 2.55 gigawatts of electricity and should be close to the level of consumption in 7.67 gigawatts by the end of the year. For comparison, Ireland consumes of 3.1 gigawatts, Austria – 8.2. According to the analyst, the network “will soon face serious problems because it is growing very quickly.” However, he also notes that decisions such as network Lightning “to improve”.

Mining bitcoins requires a significant energy consumption and computing power, for which the miners receive a reward in the form of digital gold. In mid-February, it was reported that the miners of Iceland, for example, in 2018, the year will consume more electricity than the inhabitants of the country.

In light of the high demand for bitcoin, and its relevance in economically disadvantaged countries, the question of the bitcoin harm for the environment seems secondary. However, as stated in an interview with Alex de Vries, “half of a percent – it is quite shocking the amount of”:

“This is an incredible contrast, compared with the traditional financial system and the growing demand for electricity will reduce the impact of human activities on climate”

In the research described the different types of bitcoin miners and their characteristics in the consumption of electricity. The analyst acknowledges that “the exact calculation of the volume of electricity consumption of the bitcoin miners still is very challenging”. In his scientific work in the calculations of energy consumption Alex de Vries, as the main guideline, used data miners Antminer.

In contrast to the mining of cryptocurrencies, the blockchain technology in some cases contributes to the development of “green” projects. On may 16 it became known that the international IBM plans, together with Veridium Labs to produce tokens Verde, which will relate to the emissions of hydrocarbons into the atmosphere and will allow to automate the process of their exchange and accounting.

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