Slashdot Mirror

← Back to Stories (view on slashdot.org)

Bitcoin Could Consume As Much Electricity As Denmark By 2020 (boingboing.net)

Posted by BeauHD on from the pick-on-someone-your-own-size dept.

JustAnotherOldGuy writes: The numbers are very back-of-the-envelope and assume a worst case: widespread adoption of Bitcoin and not much improvement in Bitcoin mining activity, along with long replacement cycles for older, less efficient mining rigs. But even the best case [scenario] has Bitcoin consuming a shocking amount of electricity. [As mentioned in a report from Motherboard,] "The results show that in an optimistic scenario, the increase in electricity consumption of the Bitcoin network compared to now is not shocking, from around 350 MW to around 417 MW, but still on the order of one small power station. If things play out a little less favorably, however, the Bitcoin network may draw over 14 Gigawatts of electricity by 2020, equivalent to the total power generation capacity of a small country, like Denmark for example.

7 of 170 comments (clear)

  1. Already disputed and debunked by qubezz · · Score: 5, Insightful

    The Bitcoin mining reward halves every four years, making it less profitable in the future. Nearly 75% of Bitcoins that will ever exist have already been mined. Saying that miners will collectively be spending 30x more on electricity to mine 1/4 the Bitcoins they earn now is ludicrous.

    1. Re:Already disputed and debunked by hjf · · Score: 1, Insightful

      This is very much a problem. Most people see inflation as a negative thing. The negative thing here is the limited supply of wealth. A currency like Bitcoin which can't be devaluated is terrible: it's the end game of capitalism. It will become a game of "winner takes all"... much like most rich countries own most of the wealth in the world. With bitcoin, they literally would.

    2. Re:Already disputed and debunked by religionofpeas · · Score: 4, Insightful

      It being "mined" by malware these days so the cost gets shifted.

      No, nearly all bitcoins are mined by specialized chips.

    3. Re:Already disputed and debunked by MrL0G1C · · Score: 3, Insightful

      Whilst malware does indeed mint some coins, unless it's infecting dedicated bitcoin mining silicon then it's unlikely to be mining more than a small slice of the pie.

      --
      Waterfox - a Firefox fork with legacy extension support, security updates and better privacy by default.
  2. Re:So build out the blockchain on Gridcoin by Anonymous Coward · · Score: 5, Insightful

    There is nothing more socially responsible or needed than a decentralized money that exists beyond the control of special interests.

  3. Re:So build out the blockchain on Gridcoin by Anonymous Coward · · Score: 1, Insightful

    Are you serious? Is there something stopping "special interests" from manipulating bitcoin?
    WTF is wrong with people?

  4. Re:Huge Waste by __aaclcg7560 · · Score: 3, Insightful

    Humanity has sunk to a new low of wasteful activity.

    That should be reserved for making ethanol from corn. A tax subsidy encourages the production of more corn ethanol, despite the fact that corn isn't a surplus crop. (South Americans make ethanol from surplus sugar canes.) Farmers like ethanol because it raises the price on corn, but rising corn prices also filter through the rest of the food chain from livestock feed to processed foods. Groceries are more expensive to benefit a few farmers and ethanol producers. This is one of the reasons why Senator Ted Cruz is against the tax subsidies.