Bitcoin mining takes more electricity a year than Ireland

It’s known that Bitcoin system consumes more electrical power than Ireland in a year, the statistics showed it last time when token rose beyond 9 000 $
02 December 2017   2339

Financial and economic news Digiconomist says the most part of energy is spent on checking cryptocurrency transactions is equal to 30, 14 TWh per year.

During the constant power consumption of 3,4 GW, Bitcoin mining uses fivefold more energy than the London Array produces.

We can compare this phenomenon with the fact that with such an abundant consumption of electricity, about 36,000 kettles with water can be heated. It can also be compared to the fact that one of the largest US data processing centers consumes only 2% of power that bitcoin network requires. At the same time, this organization conducts about 100 million transactions, but the network of bitcoins as a whole processes 350,000.

The astronomical energy thread is the edge of how the bitcoin network protects itself from cracks. Without centralized credentials to confirm transactions, bitcoin instead of the backup copies of the miners who provide this system with computers to work, rises with the help of unprecedented energy-intensive computing operations. Bitcoin network always rewards its users at the rate of about 11 000 $.

The more bitcoin price is increased, the more new users with their computers to run bitcoin network are appeared.

Everyone observed the third growth of bitcoin in history which took place on the 27th of November. Financial freedom has its price, and in this case this price has the form of electricity – a resource that can be generated in a variety of ways.

In fact, it is for this reason that many large mining operators are now moving to countries where it is possible to obtain abundant energy from natural sources. Currently, one of the startups is experimenting with "smart meters", managed by digital currencies, and this may well become a harbinger of the coming changes.

Iran to Issue Over 1000 Mining Licenses

Amir Hossein Saeedi Naeini from Iranian ICT Guild Organization said that crypto mining industry attracts many in Iran
27 January 2020   171

Over the past six months, the Iranian Ministry of Industry has issued more than 1000 cryptocurrency mining licenses. This was announced by Amir Hossein Saeedi Naeini, representative of the ICT Guild Organization.

According to him, cryptocurrency mining is a new industry that attracts many in Iran. He noted that miners must obtain a license to work.

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country. Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He believes that the cryptocurrency industry can help Iran's economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners.

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He expressed the opinion that “the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate.” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.