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Bitcoin Mining consumes more electricity as a commodity-promotion

Bitcoin Mining consumes more electricity as a commodity-promotion

Home News Bitcoin Mining consumes more electricity as a commodity-promotion

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Matthias Nemack –
07.11.2018

With all the positive messages about crypto negative sides must not be concealed, of the currencies in the reporting. Just in terms of power consumption for Bitcoin, the consumption of Mining values of concern. Experts call for greater commitment in terms of sustainability, because the Mining “eats” more energy than promotions of Gold or copper. The industry is working on new approaches.

Only the aluminum-production costs more

The funding costs for raw materials such as Gold or platinum have risen significantly in recent years, which is, of course, limited resources, basically in the nature of things. Scientists have now set the energy consumption of the crypto-Mining with reference to Bitcoin in Relation to the mining costs of Gold and other metals. The result shows, which is why many Mining farms are now looking for environmentally responsible ways and increasingly on sustainably generated energy. An important site is now also Canada.

The study, which was published in the journal “Nature”, was the question of how much current is required, an impairment of US realize. As a result, the costs fall only in the case of aluminum-extraction to be higher than Bitcoin Mining, as the study showed. Copper, Gold, and platinum can be conveniently encouraged.

The Bitcoin System relies on very large amounts of energy

Current surveys say a power consumption of about 73 billion kilowatt-hours for the Bitcoin-generation and of about 20 billion kWh worldwide in the production of Ether Token. This is approximately the volume of coal produced last year, in 2017 in Germany. Researchers at the University of Hawaii to bear in mind currently that the Bitcoin even for a significant contribution to the ongoing climate will change, and should not be Miner finally put increasingly on new technology concepts within the Blockchain. In particular, the high computing power, for the confirmation of transactions, around the world consume large quantities of electricity.

Many developers are working on energy-saving concepts

The Good in this context: There are a number of approaches, which could soon lead to a significant reduction of the energy demand. That Blockchain-companies are increasingly using power from renewable energy sources, is an important first step on the way. In addition, experts from the industry Association Bitkom, consider that it is within the Blockchain databases, the potential for a reduction in consumption. A move to “Proof-of-stake”model could be required, the performance is already significantly reduced. Also concepts are new Hybrid-more transactions today than in the same period of time feasible.

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