A nice collation of research, facts and figures, on the topic of Bitcoin energy consumption published by the International Energy Agency.
Some of my key takeaways in this thread...
Some of my key takeaways in this thread...
https://twitter.com/IEA/status/1153632107568226305
Bitcoin's annual energy use is 69.6TWh (upper bound)
With a bit of math, lets see how big this is...
Global energy consumption rate is 18TW, thus Bitcoin consumes 232 mins of the year's energy demand. (69.6TWh/18TW*60mins=232mins)
In other words 0.044% of the world's energy.
With a bit of math, lets see how big this is...
Global energy consumption rate is 18TW, thus Bitcoin consumes 232 mins of the year's energy demand. (69.6TWh/18TW*60mins=232mins)
In other words 0.044% of the world's energy.
Interestingly I see Bitcoin currently uses the same amount of energy as the Internet did in 2016.
70TWh per year.
forbes.com/sites/christop…
70TWh per year.
forbes.com/sites/christop…
70TWh per year is also:
- 8GW
- 11 million horse power
- 18,000 Tesla Model S P100D's at max power
- 89 Jumbo Jets on takeoff
- 38 Nuclear aircraft carriers
- less than one Falcon 9 rocket at launch
...Or the body heat of 80m people (roughly the population of Germany)
- 8GW
- 11 million horse power
- 18,000 Tesla Model S P100D's at max power
- 89 Jumbo Jets on takeoff
- 38 Nuclear aircraft carriers
- less than one Falcon 9 rocket at launch
...Or the body heat of 80m people (roughly the population of Germany)
Mining Bitcoin vs metals:
Aluminium - 122 MJ/USD
Bitcoin - 17 MJ/USD**
Gold - 5 MJ/USD
** study done in Q4 2018, expect this figure to decline in the future per halvening event.
Aluminium - 122 MJ/USD
Bitcoin - 17 MJ/USD**
Gold - 5 MJ/USD
** study done in Q4 2018, expect this figure to decline in the future per halvening event.
ON CLIMATE CHANGE:
China:
60-70% of all Bitcoin mining is in China
80% of this is in the hydro-rich Sichuan province
Elsewhere mining centers are dominated by renewables:
Iceland 100%
Quebec 99.8%
British Columbia 98.4%
Norway 98%
Georgia 81%
China:
60-70% of all Bitcoin mining is in China
80% of this is in the hydro-rich Sichuan province
Elsewhere mining centers are dominated by renewables:
Iceland 100%
Quebec 99.8%
British Columbia 98.4%
Norway 98%
Georgia 81%
The article's closing comments.
"Sensational predictions about bitcoin consuming the entire world’s electricity – and, by itself, leading our world to beyond 2°C – would appear just that…sensational."
"Sensational predictions about bitcoin consuming the entire world’s electricity – and, by itself, leading our world to beyond 2°C – would appear just that…sensational."
And my thoughts on how our present monetary policy impacts sustainability and how Bitcoin can be a solution.
https://twitter.com/woonomic/status/1152260322448695298?s=20
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