Bitcoin Energy Usage


#1

Some real-time stats for March 28, 2018 from


quantifying the energy consumed by Bitcoin. I’ll just let this sit there for a second.

Number of US households that could be powered by the energy used by Bitcoin:
5,357,027

Number of U.S. households powered for 1 day by the electricity consumed for a single transaction:
29.49

Bitcoin’s electricity consumption as a percentage of the world’s electricity consumption:
0.26%

Annual carbon footprint (kilotons of CO2):
28,349

Carbon footprint per transaction (kilograms of CO2): 427.57


#2

Yeah that will just go on forever. No problem. Especially in two years when the mining reward is halved, and the mining is exponentially more difficult.


#3

WHat about when the UN or the Peace Corps build an energy project in a developing country – surely the dictators don’t divert that energy the second people leave.


#4

Holy smokes


#5

That is a lot of energy. Maybe someone will work on a solution where mining isn’t this costly.


#6

exactly, they have to there is no way this can go on forever even at current levels, let alone increasing many times over


#7

It is a known issue already, unfortunately Bitcoin doesn’t really like change. This could be a big factor of Bitcoin’s demise.


#8

Although I agree with your statement, you have to admit that Bitcoin is resilient. It has been said that it will fall because of this or that but it is still hanging on to its top position as #1 crypto currency.
Will energy be a reason things start going south? Yeah, it will be one of the reasons. Will Bitcoin’s fall happen soon? No one knows.


#9

Miners should hit up Elon Musk for his Powerwall + Solar Panels.


#10

Unfortunately the search for solutions could prove futile since Bitcoin doesn’t like change. Even if a more energy efficient solution comes along, will Bitcoin adopt it? I believe this is why we will see companies like ChainBLX prevail, they propose more energy efficient mining.


#11

Good idea!