Bitcoin consumes as much energy as a country like Ireland

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According to an economist's calculations, the global mining network consumes at least 2.55 GW of power. By the end of the year, it could even reach 7.77 GW.

After the dream, here is the reality. Initially seen as an anarchic tool to cut the grass under the feet of the central banks, the bitcoin proves more and more like a huge ecological ball serving a band of frenzied speculators.

According to recent calculations by economic analyst Alex de Vries, the mining network of this virtual currency consumes at least a power of 2.55 gigawatts. This would be comparable to the energy consumption of a country like Ireland (3.1 GW). And again, this figure assumes that all mining devices used are Antminer S9, a specialized machine that is produced by the Bitmain supplier and that displays the best energy efficiency on the market.

To this must also add the energy consumed for cooling. Mining devices are usually grouped together in a data center that needs to be air conditioned. The actual consumption of the mining network is therefore necessarily greater than 2.55 GW, but the exact figure is impossible to calculate because we do not know in which real conditions are exploited all these machines.

Bitcoin has "a big problem"

However, the economist thinks that the maximum potential energy consumption can be estimated by analyzing the profitability and production costs of the mining. Assuming that the average price of electricity is 5 cents per kWh and that the cost of electricity represents 60% of the total cost of mining, Alex de Vries finally gets a maximum power of 7.77 GW. This is comparable to the energy consumption of a country like Austria. Given the current price of bitcoin and the production capacity of suppliers of mining machinery, he thinks that figure could be reached by the end of the year. Yippee.

In the current state of things, bitcoin has a "big problem", and yet "it is growing fast," says Alex de Vries. This perspective is all the more depressing as bitcoin has, for the moment, little economic and social interest. This virtual currency is practically not used for the purchase of goods and services. His main case of use today is speculation.

 Source: Ars Technica

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