University of Cambridge Explains the Consumption of Bitcoin Mining Energy Consumption in a Easy Way – Gigasine

University of Cambridge Explains the Consumption of Bitcoin Mining Energy Consumption in a Easy Way - Gigasine



BitcoinCryptocurrency assets, such as computer-assisted complex calculationsMiningYou can acquire newly issued cryptocurrency assets by performing a process called: How to Mine EfficientlyLarge computer equipment is requiredTherefore, mining takes place all over the world, while consuming large amounts of electricity. “It shows the amount of power used by such bitcoin mining in an easily understandable way.Cambridge Bitcoin Power Consumption Index (CBECI)“In EnglandUniversity of CambridgeOpen to the public.

Cambridge Bitcoin Power Consumption Index (CBECI)
https://cbeci.org/

On the CBCI homepage, the theoretical minimum, estimated and theoretical maximum consumption of bitcoin mining worldwide is updated every 30 seconds. At the time of writing, Bitcoin mining used a minimum of 4.20 gigawatts, 13.41 gigawatts, and a maximum of 46.14 gigawatts every 30 seconds. In addition, the average annual power consumption marked in yellow letters is 42.05TWh, approximately 123.99TWh and maximum 281.76TWh.


The change in consumption from October 2015 to February 2021 is similar. The black line in the top row is the theoretical maximum value, the yellow line in the middle row is the calculated value and the yellow line in the bottom row is the theoretical minimum value. Consumption Energy consumption as a whole can be seen to be increasing, especially since November 2020.


This is the ratio of the consumption of bitcoin mining to the total power generation and consumption of the world. The total electricity generation in the world is 25,082 TW, of which 0.49% is used for bitcoin mining. In addition, the world’s total energy consumption is 20,863 TW, and the consumption of Bitcoin mining is 0.57% of its consumption.

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Renewable energyThis seems to be the case when comparing the amount of electricity generated by bitcoin mining with the amount of power used by bitcoin mining. The total amount of electricity generated by hydropower worldwide is 4164 TWh, which is 34 times the power used by bitcoin mining. as well as,BiofuelsIn waste and waste power generation, 577 Tigawatts of electricity is generated, five times the power used by bitcoin mining. Solar power generation and wind power generate 1405 TW of electricity, which is 11 times the energy consumption of Bitcoin mining.


This seems to be the case when comparing the energy consumption of countries around the world with the consumption of bitcoin mining. The energy consumption of bitcoin mining is 110.68 TW in the Netherlands (Netherlands) and 119.45 TW in the United Arab Emirates.


If you add the consumption power consumption through bitcoin mining to the consumption energy consumption ranking by country, it ranks 31st. Consumption of Bitcoin Mining You can see that energy consumption has reached the national level.


According to the country, China’s consumption of bitcoin is comparable to energy consumption of 65.08%, followed by the United States (7.24%), Russia (7.24%) and Russia (6.9%).


In addition, CBCI compares the energy consumption of bitcoin mining with the consumption of various materials. For example, “tools that are always obsolete but obsolete” in the United States use 1.8 times more electricity than bitcoin mining.


Additionally, if the annual consumption of bitcoin mining is converted into energy used to boil water using a kettle, you can boil water for 28 years from a kettle across the UK and 4.1 years from a kettle across Europe.

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In addition, the amount of electricity used by bitcoin mining in one year is enough to supply the entire University of Cambridge for 704 years.


In addition, due to the large consumption of bitcoin mining energy consumption, it has been pointed out that “bitcoin mining will increase the Earth’s temperature by 1.5 degrees or more in 20 years”, and concerns about the impact on the global environment.

Global warming will reach its limit by 2033 – Bitcoin mining only – Gigasine


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