Romanian Bitcoin mining firm to open 3.5MW facility - DCD

[Researh] In 2017 bitcoin network consumed 5 TWh of energy, in 2018 – 29 TWh, in 2019 – 43 TWh. Banking industry consumes 74 TWh per year.

[Researh] In 2017 bitcoin network consumed 5 TWh of energy, in 2018 – 29 TWh, in 2019 – 43 TWh. Banking industry consumes 74 TWh per year.
Electricity consumed by bitcoin network has been constantly and noticeably increasing. During the past years the consumption reached such big a scale, that it can be compared to electricity consumption of some countries, according to BlockchainAnalytics.pro research.
The world’s first cryptocurrency is steadily becoming more popular and expensive every year. This motivates more individuals and companies to enter the mining business to earn a bitcoin share.

More miners, more efficient equipment

To validate a block of transactions and receive a reward, miners compete with each other by solving a deliberately complicated mathematical task, or puzzle. Those miners who own more computing power (hashrate) have more chances to win the competition. This incentivizes miners to buy more powerful equipment that consumes more electricity.
At the same time, mining equipment efficiency is constantly improving, and with time less electricity is required to produce the same hashrate. This factor allows to slow down the increasing demand for electricity.
For example, in 2016 Bitmain, world’s largest manufacturer of mining equipment, launched the legendary Antminer S9, which consumed 100 watts to produce one terahash per second, or 100 W/TH/s. The best modification of Antminer S15, released in 2018, consumed 57 W/TH/s. Currently, the most efficient Antminer S17 consumes only 40 W/TH/s.
https://preview.redd.it/gh343l3p09j41.png?width=930&format=png&auto=webp&s=e350c1e7832e37c1e3c3aeac974428cca7f0f874
It is assumed that the market competition compels manufacturers to keep up with each other in developing more efficient hardware. If some manufacturer brings next-generation chips to market, other manufacturers start to produce chips with the same characteristics at about the same time.
On the other hand, new miners are joining the network, thus increasing the hashrate. So the demand for electricity continues to grow. Also, it can be noticed later that the electricity consumption chart is similar to that of hashrate chart.
https://preview.redd.it/3k32ci6q09j41.png?width=930&format=png&auto=webp&s=e70f600419bcbc9e7e82506b5f12bf4da6f00584

Calculations

The incremental volume of electricity consumption is calculated by multiplying newly added hashrate by the best mining efficiency available at that moment.
The sum of incremental volumes represents cumulative amount of electricity consumed by bitcoin network. The metric is expressed in terawatt-hours (TWh). To get annualized volume in terawatt-hours we multiply the consumption by 24 hours and 365 days.
A 100-day moving average was applied to hashrate to make the final result less dependent on the short-term hashrate fluctuations.
Assumptions, used in this study, are very conservative. It means that the results are in the lower limit of the range of possible volumes, and the actual electricity consumption can be higher.
A detailed explanation and interactive charts are provided here: https://www.blockchainanalytics.pro/btc/electricity-consumption/
https://preview.redd.it/jol3703r09j41.png?width=929&format=png&auto=webp&s=252d4d67ff6882bb32ad63238537a41305719f05

Results

Currently, annualized electricity consumption in bitcoin network is 57 TWh. To help readers get an idea of how much electricity the bitcoin network consumes, a comparison with some countries is provided alongside.
Portugal consumes 49 TWh per year, Romania – 50 TWh, Czech Republic – 59 TWh.
Some more numbers for comparison:
https://preview.redd.it/hka7lcwr09j41.png?width=930&format=png&auto=webp&s=92d6d0b25f922a1e6f0c45c6f994e78aded6f920
According to conservative estimates, the bitcoin network will consume more than 70 TWh in 2020. This is on a par with Chile, a country with 18 million population.

More thoughts (estimations of how much energy banking industry consumes)

Some information from official reports:
Taking into account the information above, we can assume that, on average, banks spend ~20 kWh per customer per year.
Some information on world population:
  • 69% of adults around the world have a banking account (source)
  • 70% of the world population are adults (source)
  • World population is 7.7 billion (source)
Finally: 7.7 billion people * 70% * 69% * 20 kWh per year = ~74 TWh per year
So, we can assume, that banking industry consumes ~74 TWh per year
submitted by answer__42 to btc [link] [comments]

r/Bitcoin recap - March 2019

Hi Bitcoiners!
I’m back with the 27th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
A recap of Bitcoin in March 2019
Adoption
Development
Security
Mining
Business
Education
Regulation & Politics
Archeology (Financial Incumbents)
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

08-09 07:32 - '70+ Bitcoin companies, exchange and wallets that did NOT agree to Segwit2x' (self.Bitcoin) by /u/jtos3 removed from /r/Bitcoin within 296-306min

'''
Bitfinex - one of the world's largest Bitcoin exchanges
Kraken - world's largest EUR Bitcoin exchange based on volume
LocalBitcoins - world's largest P2P Bitcoin exchange
Bitstamp - one of the world's largest Bitcoin exchanges
Gemini - one of the world's largest Bitcoin exchanges
Poloniex - world's largest cryptocurrency exchange
Bittrex - world's second largest cryptocurrency exchange
BitQuick - major cash to Bitcoin exchange in the USA
Vaultoro - gold/bitcoin exchange
VirWoX - world's largest Paypal to Bitcoin exchange
Zebpay - one of India's largest Bitcoin exchanges
CoinMama - one of the world's largest credit card to Bitcoin brokers
BitPanda - one of Europe's largest Bitcoin brokers
CEX.io - top global Bitcoin and crypto exchange
coinhouse - credit card to Bitcoin broker run by Ledger
Bitcoin.de - one of Europe's largest P2P Bitcoin exchanges
Bittylicious - one of the UK's largest Bitcoin brokers
Coinfloor - European Bitcoin broker and exchange
BitBargain - UK Bitcoin exchangd
Paymium - Bitcoin broker based in France
Bity - large European Bitcoin exchange
Satoshi Counter - Canadian OTC Bitcoin exchange
Bitaccess - Canadia Bitcoin ATM network
SurBitcoin - Venezuela's largest Bitcoin exchange
Cryptobuyer - Venezuelan Bitcoin exchange
bit2c - Israel's top Bitcoin exchange
Bits of Gold - Israel's largest Bitcoin broker
CoinHako - one of Singapore's largest Bitcoin exchanges
Volabit - Mexican Bitcoin exchange
Satoshi Tango - Latin American Bitcoin exchange
Mercado Bitcoin - Brazilian Bitcoin exchange
FOXBIT - Brazilian Bitcoin exchange
OKCoin - Chinese Bitcoin exchange
Huobi - Chinese Bitcoin exchange
LakeBTC - Bitcoin exchange
Gatecoin - Bitcoin exchange
Bitrefill - mobile phone topups with Bitcoin
CoinJar - Australian Bitcoin broker
BuyaBitcoin - Australian cash to bitcoin exchange
Coin Loft - Australian cash to Bitcoin exchange
Urdubit - Bitcoin exchange based in Pakistan
Bitcoin Cambodia - Camobdian Bitcoin broker
Bitt - Caribbean Bitcoin exchange
bitcoin.co.id - Indonesia's largest Bitcoin exchange
Coincheck - one of Japan's largest Bitcoin exchanges
coins.co.th - one of Thailand's largest Bitcoin brokers/exchange
bitcoin.co.th - one of Thailand's largest Bitcoin brokers/exchange
MaiCoin - Taiwanese Bitcoin exchange
Bitonic - Dutch Bitcoin broker
Bitrush - Dutch Bitcoin broker
BitBay - Bitcoin broker based in Poland
Bitcoin Romania - largest Romanian Bitcoin exchange & broker
Nairaex - Nigeria's largest Bitcoin exchange
Bitsewa - Nepal's largest Bitcoin exchange
Wall of Coins - major US cash to Bitcoin exchange
LibertyX - major US cash to Bitcoin exchange
CoinCorner - European Bitcoin broker
Cubits - European Bitcoin broker
Bitit - European Bitcoin broker
itBit - OTC Bitcoin trading
Anycoin Direct - European Bitcoin broker
Belgacoin - large European Bitcoin exchange/broker
Bisq - decentralized Bitcoin exchange
KeepKey - hardware Bitcoin wallet
Ledger Wallet - hardware Bitcoin wallet
TREZOR - hardware Bitcoin wallet
Electrum - Bitcoin desktop wallet
GreenAddress - Bitcoin web wallet
Slush Pool - Bitcoin mining pool
Samourai Wallet - Android Bitcoin wallet
breadwallet - most popular iOS Bitcoin wallet
Mycelium - popular Android Bitcoin wallet
Please help list more in the comments.
'''
70+ Bitcoin companies, exchange and wallets that did NOT agree to Segwit2x
Go1dfish undelete link
unreddit undelete link
Author: jtos3
submitted by removalbot to removalbot [link] [comments]

There are lots of nice communities on IRC with rooms for discussing various topics and people giving free support for problems

You can access the Freenode IRC channel through your web browser here: http://webchat.freenode.net/
Channels begin with # and you can specify multiple ones using a , between them. i.e #bitcoin, #electrum, #coinbase
submitted by genjix to Bitcoin [link] [comments]

DIY Bitcoin Mining: Software (part 2) - YouTube [4K] Pe-ntelesul tuturor - Despre mining, pentru incepatori Mining muss nicht teuer sein ! Was braucht man? Die ... Bitcoin Mining 2019 - Should We Mine Bitcoin? - YouTube Lecture 5 — Bitcoin Mining - YouTube

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DIY Bitcoin Mining: Software (part 2) - YouTube

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