How Much Energy Does Cryptocurrency Mining Actually Use?

[Selva + 252]

Instead of worrying about the effects of bitcoins for the environment, maybe we should consider how much energy bitcoin can save. 

https://www.bloomberg.com/view/articles/2017-12-07/bitcoin-is-greener-than-its-critics-think 

[Seleskya + 50]

I don't think it's being exaggerated. It takes a ton of energy to mine bitcoin. So much that sometimes it's not worth it for an individual to do it unless they get creative and use their Tesla for free energy. Every miner has to do this math so they don't spend more on energy than the bitcoin (or other cryptocurrency) is worth. 

And that's just individuals. Cryptocurrency mining is going industrial, with massive facilities doing it. They can do it in Iceland, or one of the other cold northern countries that have a lot of geothermal energy for cheap and the added benefit of cold air to cool the machines naturally -- but elsewhere it's a bit tricky. 

I've read that it takes the energy equivalent of close to 30 barrels of oil produce a single bitcoin. 

[Rodent + 1,424]

4 hours ago, Selvedina said:

Instead of worrying about the effects of bitcoins for the environment, maybe we should consider how much energy bitcoin can save. 

https://www.bloomberg.com/view/articles/2017-12-07/bitcoin-is-greener-than-its-critics-think 

Good grief. Of all the things I'm bothered about today, the amount of electricity that bitcoin consumes is a ways down the list.

[Seleskya + 50]

One example is a small country in the state of Washington: Local officials say the cypto mining has put the local grid to the test because they're sucking up so much electrical power to process the data. 

https://www.cnbc.com/2018/01/11/cryptocurrency-mining-puts-electrical-grid-of-small-washington-state-county-to-the-test.html