29 Mar '16, 4pm

Bitcoin Could Consume as Much Electricity as Denmark by 2020

Bitcoin Could Consume as Much Electricity as Denmark by 2020

Though these trend lines give us a hint of the future to come, they are only based on the efficiency of new mining hardware, and as such don’t represent the efficiency of the current bitcoin network, which still partially depends on the calculation power of older, less efficient mining devices. To approximate the effective efficiency of the whole network I assumed that the growth of the network’s hashrate determined the amount of newly installed mining capacity each month, and then used weighted averaging over a period of either three or five years to represent the efficiency of the total stock of bitcoin mining hardware in an optimistic and pessimistic case respectively. The resulting long term trends of both new and effective electricity consumption per hash can be seen below.

Full article: http://motherboard.vice.com/read/bitcoin-could-consume-as...

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Projection: by 2020, Bitcoin transactions could consume as much power as Denmark

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