Hi, Ante here!

It seems like only yesterday I’ve first read about Bitcoin consuming more electrical energy than Ireland, back in 2017. Well, it seems that we’re in that phase again, but this time with a new main character – Argentina!
We’ll cover why does Bitcoin even need so much energy and does it mean it’s all that bad, but also, we go through a calculation of mining 1 BTC for three countries: China, USA and Croatia, taking into account electricity prices for each, Block Subsidy and total network energy consumption.
The important takeaway is that the high total network Hashrate is the main cause of the energy consumption, but it should be viewed as a positive thing, since the Hashrate defends the entire Blockchain by keeping it safe from 51% Attacks.

I wonder how high can the Hashrate, and therefore Mining Difficulty, go…
Thanks for watching!

Keep Mining!

Chapters:

0:00 Intro
0:29 What drives Bitcoin Mining?
1:04 Mining Difficulty Adjustment
1:59 Is spending more electricity BAD?
3:04 How likely are 51% Attacks?
3:54 Bitcoin’s Energy Consumption
4:35 Bitcoin Network Value
5:58 Don’t Worry…
7:04 Bitcoin Hashrate/Electricity Consumption Cycle
7:38 How much $$$ does it take to mine 1 BTC?
9:10 Conclusion
9:45 Keep Mining!

Resources:

Bitcoin mining consumes more electricity a year than Ireland; The Guardian

Bitcoin: Does it really use more electricity than Ireland?; BBC

Bitcoin’s energy consumption ‘equals that of Switzerland’; BBC

Bitcoin consumes ‘more electricity than Argentina’; BBC

Bitcoin Energy Consumption; Digiconomist

Report: 76% crypto miners use renewables as part of their energy mix; Cointelegraph

Bitcoin mining uses energy, and that is ok | Dan Held; Value of Bitcoin

Adventures in Fuel Economy, Energy Use, Physics, and Life

Jevons paradox: When doing more with less isn’t enough; Grist

Total Hash Rate (TH/s); Blockchain.com

Bitcoin Price in USD vs. Hashrate historical chart; BitInfo

Bitcoin Mining Map; University of Cambridge

Electricity prices; GlobalPetrolPrices.com

#Bitcoin #BTC #BitcoinMining

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