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   1148

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.

Change.org to Mine for Charity

According to the calculations, if 10k computers will run the minning screensaver for 12 hours a day, the charity fund will receive $10k monthly
18 July 2018   99

Social platform for petitions Change.org announced the launch of a screensaver that mines Monero on users' computers. All tokens will be transferred to the charity fund of Change.org. This is reported by Coindesk.

This initiative was launched in partnership with the marketing agency Tracelocke Brazil.

Representatives of Change.org report that the screensaver will consume resources only when users do not use the computer. According to their calculations, if 10 thousand computers will run the screensaver for 12 hours a day, the charity fund will be transferred $ 10 thousand monthly.

At the moment the program is available only for Windows users and the platform did not report on the release plans for the version for macOS.

Note that at the end of April, a similar action was launched by the Australian unit of the United Nations International Children's Emergency Fund; (UNICEF). The website "Page of Hope" mines Monero cryptocurrency.