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