How much energy does Bitcoin use?
Bitcoin's energy consumption has seen a significant increase since its start. The increase has risen in step with
the severity of the Bitcoin mining, and has really begun to impress
world climate. The basis for the increasing energy consumption is the many data centers with
supercomputers that carry the mine itself. It's not just the computers there are
energy-intensive, but also fans and other cooling devices that will secure the computers and
Other hardware against overheating.
In October alone, there were 8,900,000 Bitcoin transactions, each of which was unique
amounted to 203 kWh. This gives a total energy consumption of 1,806,700,000 kWh, which corresponds to
energy consumption of all Danish households for more than a month.
It also corresponds to 41,472 kWh per minute, which is enough to run a television for 420 years.
Energy consumption is therefore extremely, and in fact the increase in energy consumption is constant.
By 2020, Bitcoin's energy consumption is expected to provide Denmark's total energy consumption in one
whole year in just a month. It is also expected that the last Bitcoin will be mined in about 2140.
If this constant increase continues until the last Bitcoin is mined, energy consumption will have
so markedly emphasized on the world climate that it may be crucial for more
organisms existence.
But how do you reduce energy consumption?
Proof of Stake is an alternative to how to reduce the energy consumption of Bitcoin's user. The
works basically like Proof of Work, which is the current model Bitcoin uses. Map
Told relates to this validation of Bitcoin transactions based on calculated calculations.
And as mentioned earlier, the supercomputers are doing this mining. Therefore, more will
Supercomputers obviously minimize the time the mining takes.
Proof of Stake, on the other hand, is a model where the transactions are validated digitally. This removes
the need for supercomputers, and thus the energy the Bitcoin mining itself requires. With
In other words, Proof of Stake works the way you insert a selected amount into a pool
same as other Bitcoin miners. The contribution made represents a percentage of the total
pool, and this percentage is also an expression of the chance to win the pool and thus
validation of the block. Proof of Stake is already something that Ethereum will use
The new year, but unfortunately, has not yet been discussed for Bitcoin yet.