Hello Guys,
Bitcoin Mining is the most profitable business of this decade. People have started to mine crypto currency and accumulate digital assets. But now the main question is that will this affect the electricity which are consumed largely?
Lets calculate electricity which are consumed for mining and the rest for people world wide.
Bitcoin mining eats up roughly 0.1% of electricity which is almost demand of ireland consumption.
Mostly people who mine bitcoin they use Antminer which is computer processor.
An Antminer draws a load of 1.5 kilowatts — enough to power two refrigerators and a flatscreen TV. If you run an Antminer 24/7 for a year it will produce about 0.85 bitcoins, at a cost of about 15,000 kilowatt hours.
Some people worry that Bitcoin mining eats the whole electricity by 2020 which is totally un realistic.Because this danger is prevailing if the price of Bitcoin go high and if it will not go high then Miner have to suffer loss as the cost of mining including the hardware and electricity both becomes costly.
Start by comparing bitcoin’s 20,000 gigawatt hours per year with the 4.3 million Gwh used in the U.S. in 2017 and 6 million by China. The analysts figured that if the price of bitcoin rose to $50,000, miners would find it economic to boost their efforts such that they would consume more than 350,000 Gwh, still less than 2% of world power capacity.
And if the prices of Bitcoin will remain under pressure then no worry about this consumtion.
Recently there is a news of flood in china which has abolished the lot of Mining farm here in China and saved lot of energy.
The great scientist Lawrence Berkeley Lab suggests the industry is on track to improve energy efficiency 45% by 2020, with the likes of Google, Amazon and Facebook leading the charge.
Ultimately it is clear there is long way to affect the whole consumption of power but with the same time it is clear that new technology will generate the new power system like lithium battery instead and help people to come put with such danger.