Three times more energy is needed to extract Bitcoin from gold

According to recently published surveys, mining encryption consumes almost twice as much energy as gold, platinum and copper mining. Bitcoin BTC alone needs three times more energy than gold.

Researchers at the Oak Ridge Science and Education Institute in Cincinnati watched daily energy demand and continued Bitcoin, Ethereum, Litecoin and Monero activities from 1 January 2016 to 30 June 2018.

The researchers then used the average daily purchase prices of each encryption – and the corresponding rewards earned by successfully extracting a block – to calculate how much energy it takes to create a dollar value in each corresponding cryptic frequency.

The study found that Bitcoin, Ethereum, Litecoin and Monero consumed 17, 7, 7 and 14 million jelly, respectively, to save $ 1 worth of encryption.

To put it in some context, it would take a million pairs of energy to lift about 110,000 tons, 1 meter off the ground. So yes, that's a lot of energy.

Compared to conventional metal mining, copper requires only 4MJ, gold requires 5MJ, and platinum needs 9MJ of energy to extract precious metal worth $ 1.

Over 18 months, researchers also noted that the shrinking of the four localized cryptoscopes continued to increase on average. Although the encryption market was extremely volatile over the same period, it seems to indicate that the energy needs of cryptographic mining will continue to increase regardless of the price of each coin.

Unfortunately, with the energy demands of cryptic extraction so high and constantly increasing, it seems that the miner will not make a profit very soon.

Researchers also suggest that the extraction of these four cryptic frequencies is responsible for between three and 16 million tonnes of CO2 emissions. This is a broad assessment and it should be noted that this study was completed using publicly available information. The researchers did not examine how the miners of these cryptoscopes supply their electricity and how much they buy it.

Cryptocurrency mining was at the forefront of environmental discussions, taking various criticisms that it is inefficient, uses excessive force, and is generally ugly to the environment.

Certainly, cryptic frequencies drain much energy, but what matters is where this energy comes from. In some cases, the enormous energy demands of cryopreservation mining encourage innovation in green renewable energy sources.

Post November 6, 2018 – 10:54 UTC