such an approach will certainly lead to underestimating the networks energy consumption, because it disregards relevant factors like machine-reliability, climate and cooling costs. Bitcoin's current minimum annual electricity consumption* (TWh).75, annualized global mining revenues 2,812,846,899, annualized estimated global mining costs 2,602,935,913, current cost percentage.54, country closest to Bitcoin in terms of electricity consumption. In the worst case scenario, the presence of Bitcoin miners may thus provide an incentive for the construction of new coal-based power plants, or (as already happened) reopening existing ones. The main challenge here is that the production of hydropower (or renewable energy in general) is far from constant. Households that could be powered by Bitcoin 4,820,252, number.S. Alternatives Proof-of-work was the first consensus algorithm that managed to prove itself, but it isnt the only consensus algorithm.
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A Bitcoin asic miner will, once turned on, not be switched off until it either breaks down or becomes unable to mine Bitcoin at a profit. The Bitcoin Energy Consumption Index therefore proposes to turn the problem around, and approach energy consumption from an economic perspective. At the efficiency level of the most used and most efficient machine at the time, Bitmains Antminer S9 (0.098 Joule per gigahash this translates to 49 TWh per year. Market Rank #900, market Cap 569,364 USD 24 Hour Volume 2,114 USD, circulating Supply 121,503 XBC, total Supply 121,503 XBC, max Supply 1,000,000 XBC. Sustainability The continuous block mining cycle incentivizes people all over the world to mine Bitcoin. The most detailed available report on cryptocurrency mining facilties is this study by Garrick Hileman and Michel Rauchs from 2017. Key Network Statistics, bitcoin's current estimated annual electricity consumption* (TWh).06. The result is shown hereafter.