Ethereum and Bitcoin Mining Is Consuming as Much Electricity as a Small Country

Megalith

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Consumption indexes are showing that cryptocurrency miners are using extravagant amounts of energy on par with certain small countries: Bitcoin mining is supposedly using as much energy as Central Asia’s Turkmenistan, while Ethereum is competing with Moldova in Europe. The power requirements for the latter, which is expected to overtake Bitcoin in market cap, are expected to go down as its developers work on an algorithm update.

...Bitcoin mining is pegged at an estimated annual electricity consumption value of 14.54 terawatt hours. The average Bitcoin transaction requires 163 kilowatt hours of electricity, which is enough to power the average US household for about five and a half days. That would put Bitcoin on par with Turkmenistan, which ranks 81st when it comes to energy consumption of countries around the globe. Ethereum mining has annualized average electric consumption that is roughly a third of Bitcoin, or 4.69 TWh. The average Ethereum transaction requires 49 KWh, which is enough to power a US household for about a day and a half. When compared to global energy consumption, Ethereum most closely aligns with Moldova, which ranks 120th globally.
 
kinda horrifying... i wonder what the tally would be if one lumped in activities like folding and boinc.
 
If we want to do something about being "green", then it is only logical to ban this blatant and pointless wasting of energy.


Nothing is truly "green"....nothing productive anyway.
 
I don't do any mining, myself, but this falls under the "interesting" category.

The whole "greening everything" I don't buy into. If I want to run my AC with the windows open and have the money to burn, then that's my business.
 
If we want to do something about being "green", then it is only logical to ban this blatant and pointless wasting of energy.

So is that your first reaction to everything you don't understand? Ban it?

If it was so pointless, how the hell did I get two free 1080Ti's from mining profits in this last little boom time? Using your logic we should just ban pretty much everything that wastes energy huh? Goodbye TV, movies, motorsports, youtube, video games, on and on.

every watt I've used for mining comes from 100% renewable sources, and my car gets an average of 150mpg. doing the math it sounds like the only thing that needs to be banned is you good sir.
 
So is that your first reaction to everything you don't understand? Ban it?

If it was so pointless, how the hell did I get two free 1080Ti's from mining profits in this last little boom time? Using your logic we should just ban pretty much everything that wastes energy huh? Goodbye TV, movies, motorsports, youtube, video games, on and on.

every watt I've used for mining comes from 100% renewable sources, and my car gets an average of 150mpg. doing the math it sounds like the only thing that needs to be banned is you good sir.

Please.

Saving yourself money is completely irrelevant to this discussion. In fact, it actually works against your point.

It's hard to avoid pretentious hypocrisy isn't it? Your 1080s will eventually go to landfill and were made with materials and processes that pollute, but in second/third world places that are sufficiently far away for you not to notice. Your car (why you even brought it up in this thread shows how oddly proud you are of being a hypocrite) will also add to the trash heap at some point and regardless of the brand or type of car you have, the world would be better off if you didn't buy or use it. Your 'green' materials - solar panels, etc - were made using polluting resources (again in a sufficiently distant enough place) and will also be on some rubbish pile at some point. So, your 1080s weren't at all free, but more of a 'pay later' deal. Yes, let's talk about recycling, the word that helps millions consume without remorse. The amount of recycling is an absolute joke when compared with the amount of things produced. No, until it is somehow made a big-money industry (fueling the same self-serving attitude as you, but on a larger scale), it will remain a single digit percent of production.

Glad to see that you sleep well in your fantasy and sure, maybe you have decreased your impact to a degree but don't put on that white hat so quickly. So long as you live in a developed country and have things, take craps, eat food, drive around, own electronics, etc., you're still a problem.

Anyone who argues for or justifies the power used by mining is well and truly deluded.
 
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The problem with health care now was caused by Obamacare. That guy was a jackass and a waste of air.

Nearly six hours from the post about how much energy cryptocurrency mining uses to where the discussion is polarized?

We can do better next time - we can get to a point where nobody will agree about anything in less than 3 hours.

We can do it!!

Go! :)
 
The "guilt complex". You notice how the rich and powerful don't have it?
Yet the weak and meak have it by the bucket-load. Curious eh?
 
Ugh! The U.S. is so polarised right now. We can't even stay on topic.
Polarise a nation and you will bring it to it's knees. "some dude"
Yanks, your gonna fuck yourself into the grave if you don't stop this stupidness. Are you cheering the growth of America, or championing it's demise because it will make you feel better about yourself?
Same goes for the Earth.
 
Yeah... no.
Great argument! Now I'm convinced!

Nothing is truly "green"....nothing productive anyway.
Your short term monetary gains is not productivity.

So is that your first reaction to everything you don't understand? Ban it?

If it was so pointless, how the hell did I get two free 1080Ti's from mining profits in this last little boom time? Using your logic we should just ban pretty much everything that wastes energy huh? Goodbye TV, movies, motorsports, youtube, video games, on and on.

every watt I've used for mining comes from 100% renewable sources, and my car gets an average of 150mpg. doing the math it sounds like the only thing that needs to be banned is you good sir.
Oh I understand the game, I just refuse to participate in it. Because I value the environment more than to engage in a wasteful process that produces nothing of value. It just artificially shifts some of the things that have actual value like your 1080tis. Those have value, you got them trough doing something that has no value to society. So in my view you might as well have stole them.

We should ban everything that wastes energy for no good reason. Entertainment has value for society, it keeps it in check by distracting people from how miserable we are.

Even if I believed that all energy come from renewable and disposable sources for your mining, that is a drop in a bucket, the majority draws power from the grid for it. And even if it was all renewable, there is still waste as the solar panels / wind farms / batteries had to be manufactured which also have environmental impact. It's a false notion that renewables are completely free. Nothing is free.

Your funny.
Your bad grammar.
 
That's something like 19Twh just for these 2 coins. Lets just for the sake of argument say 25TWh for all coins. That's 2.85Gw/h output required all year round. Or something like ~4-5 million tonnes of coal in a coal plant. Or the same as ~3 nuclear reactors.
 
As I get more Burst, the value keeps dropping. :(
Well, there was a shitlord who just screwed a lot of the Burst community. Ponzi schemes, DDoS attacks on pools, what appears to be a botnet screwing with the difficulty, and said shitlord "exiting" the Burst scene by screwing everyone that bought in to his assets (offering pennies on the dollar for the buybacks). Give it time to sort itself out.

Not to mention the beating other cryptos have taken recently.
 
Burst FTW.

Not worth mining any longer. If u have the equipment already its all good.

Jump in now is a loss.

My power consumption mining 7874GB burst.

I seen it hit 211w.

eYChRhe.jpg


kWh
NBqGtO1.jpg


0.2kWh * 0.13 = 0.26ct
0.026 * 24 = 0.624ct
0.624 * 7 = $4.368

4.368 * 4 = $17.472 a month.

53 burst day I'm making = $17.08 month.

So yea burst is a loss.
 
0.2kWh * 0.13 = 0.26ct
0.026 * 24 = 0.624ct
0.624 * 7 = $4.368

4.368 * 4 = $17.472 a month.

53 burst day I'm making = $17.08 month.

Unless this is winter and you could use it to help heat your house. In summer it will be working against you..
 
Well, there was a shitlord who just screwed a lot of the Burst community. Ponzi schemes, DDoS attacks on pools, what appears to be a botnet screwing with the difficulty, and said shitlord "exiting" the Burst scene by screwing everyone that bought in to his assets (offering pennies on the dollar for the buybacks). Give it time to sort itself out.

Not to mention the beating other cryptos have taken recently.

Had no idea. Let me look into that.
 
If we want to do something about being "green", then it is only logical to ban this blatant and pointless wasting of energy.

but they are paying for the electricity they are using.

who cares?

besides, in the long run using up all the available electricity produced is better than selling it off to states/provinces at a loss.

and since electricity storage is pointless and stupid it is better not to have a surplus
 
If we want to do something about being "green", then it is only logical to ban this blatant and pointless wasting of energy.
I agree with the sentiment. It wouldn't be so terrible if mining actually contributed something to society like folding does. But as it stands all that computing power and electricity is doing nothing but further polluting the planet.
 

Your Kill-A-Watt is showing 0.02 kWh. How many hours was that for? Surely not the whole month. Is average consumption ~200W? And your power rate is $0.13/kWh? If so, I think I'm following your math. You're actually calculating your power cost low, though, by assuming 28 day months.
 
My power consumption mining 7874GB burst.

Only 7-8 TB? That's why. It also depends on your pool as well. With my 4.5 TB, I sometime get as low as ~15 Burst, but highest payout was ~70 Burst. This was after switching pools (I was lucky to make 20-25 Burst/day on the previous pool).
 
Your Kill-A-Watt is showing 0.02 kWh. How many hours was that for? Surely not the whole month. Is average consumption ~200W? And your power rate is $0.13/kWh? If so, I think I'm following your math. You're actually calculating your power cost low, though, by assuming 28 day months.
Correct. Minus 2-3 days so my power usage is more than I calculated.
 
in the past i had serious issues against crypto mining. now i do believe it will kinda of sort it out if left alone. some people got serious money with it, some people were shafted so deep up their asses they have a hard time turning the neck around. mining was never profitable in my country, even living right next to the largest hydroelectric producers in the world. GPU prices here do no go as high as in north america, but then again, they never dump below MRSP even years after launch. i once made the m,istake of getting a cheap GPU after a mining crazy price crash, the poor thing was abused and raped so much that lasted less than 6 months gaming.
 
If we want to do something about being "green", then it is only logical to ban this blatant and pointless wasting of energy.
Even the people mining with solar? I would have assumed you wanted to promote solar panels, but what do I know.
 
Even the people mining with solar? I would have assumed you wanted to promote solar panels, but what do I know.
solar panels are one of the most toxic wastes our current tech produces. a watt wasted on mining is a wasted watt, no matter how it was produced on the first place.
 
I calculated wrong one sec Im on the pc to calculate now, was using smart phone which is harder.

Cost / Hour is 0.2 x $0.1362 = $0.02724
Cost / Day is $0.02724 x 24 = $0.65376
$0.65376 x 7 = $4.57632
4.57632 x 4 = $18.30528 a month minus few days as i calculated 28 days a month which a month really is 28-31 days.
 
It wasn't an argument. It was a statement of fact. No attempt was made to influence you whatsoever. Paranoid?
So you posted for absolutely no reason then? You must have an alternative notion about what a fact is. An alternative fact about facts! Until you provide facts and a valid reasoning that will remain an opinion at best.
 
but they are paying for the electricity they are using.

who cares?

besides, in the long run using up all the available electricity produced is better than selling it off to states/provinces at a loss.

and since electricity storage is pointless and stupid it is better not to have a surplus
There are other costs beyond monetary costs. As I explained in my later post.
By the same reasoning it should be OK to release cfc into the atmosphere if you pay for it?
Or is it OK to destroy all rainforests if you pay for the wood?
And even those produce some value, but bitmining does nothing but keeps the cryptocurrency economy flowing.

It's much like trading but with a guaranteed return. And if noone looses on it, that is a problem. The trade market works because some loose some win on it. So in the end it evens out. But since noone looses in mining, that means they're syphoning value from elsewhere. Effectively de-valuing the work and money of others. But that's an entirely different problem I have with mining.
 
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