Index is also very much a prediction model for future Bitcoin energy consumption (unlike hashrate-based estimates that have no predictive properties). Nevertheless the work on these algorithms offers good hope for the future. Of course, these numbers are far from perfect (e.g. The Bitcoin Energy Consumption Index was created to provide insight into this amount, and raise awareness on the unsustainability of the proof-of-work algorithm. As of Sep 28, 2017, according to fo the hashrate is: 9,214,860,125 GH/s. The S7 power consumption is roughly same as S9, or lets assume it is for simplicity, but it is only capable of 4,000 GH/s. As 2018 progressed, the total network hashrate continued to climb from around 25 exahashes per second at the time of the prediction (March 16, 2018 to a peak.8 exahashes per second that was reached at the start of the fourth quarter of 2018.
Then you will get the block reward and transaction fees from the block.
Some naysayers worry that bitcoin mining could eat up all the worlds power generation by 2020.
Here are the reasons why they should relax.
A BitMain AntMiner S9 asic miner BitMain.
If you want to know how to mine Bitcoin, you have two different steps you can take: Go through a company, or buy and use your own hardware.
Bitcoin looks like it's building a base around the 6K level, and prices are not likely to go much lower from here. Market participants are preoccupied with the. How much does it cost in electricity to mine a Bitcoin?
Back at the end of 2015 when S7 was announced, the hashrate was at around 700,000,000 GH/s, or equivalent to 175,000 S7s. Even if the hardware isnt used for mining Bitcoin. Lets look at both options, and why going through a company is currently the best way to mine Bitcoins for profit. If you find an article missing from this list please report it here, and it will be added as soon as possible. The model predicts that miners will ultimately spend 60 of their revenues on electricity. Energy consumption model and key assumptions Even though the total network hashrate can easily be calculated, it is impossible to tell what this means in terms of energy consumption as there is no central register with all active machines (and their exact power consumption). Every miner individually confirms whether transactions adhere to these rules, eliminating the need to trust other miners. Random selection in a distributed network isnt easy, so this is where proof-of-work comes. In the past, energy consumption estimates typically included an assumption on what machines were still active and how they were distributed, in order to arrive at a certain number of Watts consumed per Gigahash/sec (GH/s). It should therefore be clear that a bottom-up approach, that properly includes these required corrections, would be highly unlikely to find an energy consumption below 72 TWh per year (and certainly not significantly lower) at the start of Q4 2018. Carbon footprint Bitcoins biggest problem is perhaps not even its massive energy consumption, but the fact most mining facilties in Bitcoins network are located in regions (primarily in China) that rely heavily on coal-based power (either directly or for the purpose of load balancing).
Bitcoin Mining Uses As Much Power As Ireland How to Mine Bitcoin Digital Trends The Network Effect: Here's Why Bitcoin Is Going Much Electricity cost of 1 Bitcoin (Sep 2017) - Gregory Trubetskoy