This file photo taken on November 20, 2017 shows gold plated souvenir Bitcoin coins arranged for a photograph in London. (AFP Photo) Amid increasing demand for Bitcoin due the skyrocketing prices in the last months, the global energy consumption used in the production process of the virtual currency known as “mining” surpasses the individual consumption of 159 individual countries..
Research by the U.K.-based energy tariff comparison service PowerCompare.uk states that as of Nov. 20, Bitcoin’s current estimated annual electricity consumption has reached 29.05 terawatt hours (TWh), equal to 0.13 percent of the world’s energy consumption. Although this number may seem small, it is larger than the electricity consumption of Nigeria-Africa’s most populous country of 190 million, the largest economy in the continent and 20th largest in the world.
THE BIGGEST WORRY
[Ednote: The cost of mining is paid by thousands of individuals who do the mining. They pay a certain amount for mining and receive Bitcoins for the difference in cost. Remember Bitcoin is not owned by anyone and decentralized.].The study puts the price tag of total annual cost of mining at $1.5 billion. However, this number is based on a global average. When the U.S. average retail price is considered, this number could easily reach $3 billion, whereas with average prices in the U.K. it could easily hit nearly $4 billion. The estimated annual global mining revenues currently stand at $7.2 billion, the study says, noting that Bitcoin’s price increased more than 40 percent over the last month, greater than the increase in electricity prices.
The study states that in October alone, Bitcoin mining-related electricity consumption is estimated to have increased by 29.98 percent, and if it keeps increasing at this rate, Bitcoin mining will consume all the world’s electricity by Feb. 2020..
An article by Business Insider on the report states that some 80 percent of Bitcoin mining is being carried out in China-a country heavily dependent on fossil fuels, extensively coal, for electricity consumption..The Bitcoin mining process involves powerful computers solving cryptographic problems.
However, due to the limited nature of the system, as the scope of the currency expands, more complex computation will be needed to procure Bitcoin, requiring more powerful computers consuming more time, thus increasing power consumption. This dilemma has raised environmental concerns over Bitcoins, in addition to those stemming from their legal status. https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries
WILL BITCOIN MINING CONSUME ALL THE WORLD’S ELECTRICITY PRODUCTION BY FEBRUARY 2020?
By Tyler Durden – November 24, 2017 – Via PowerCompare.co.uk,Bitcoin’s ongoing meteoric price rise has received the bulk of recent press attention with a lot of discussion around whether or not it’s a bubble waiting to burst.However, most the coverage has missed out one of the more interesting and unintended consequences of this price increase. That is the surge in global electricity consumption used to “mine” more Bitcoins..
HOW DOES BITCOIN MINING CONSUME ELECTRICITY?
At a very basic level Bitcoin mining requires expensive and power hungry computer hardware. As the the IEEE explains: A Rival Bitcoin Was Just Created From Within
Mining power is high and getting higher, thanks to a computational arms race. Recall that the required number of zeros at the beginning of a hash is tweaked biweekly to adjust the difficulty of creating a block-and more zeros means more difficulty.The Bitcoin algorithm adds these zeros in order to keep the rate at which blocks are added constant, at one new block every 10 minutes.
The idea is to compensate for the mining hardware becoming more and more powerful..When the hashing is harder, it takes more computations to create a block and thus more effort to earn new bitcoins, which are then added to circulation. According to Digiconomist’s Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoin’s current estimated annual electricity consumption stands at 29.05TWh. That’s the equivalent of 0.13% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries (as you can see from the map below). More than Ireland or Nigeria..
If Bitcoin miners were a country they’d rank 61st in the world in terms of electricity consumption. Here are a few other interesting facts about Bitcoin mining and electricity consumption: In the past month alone, Bitcoin mining electricity consumption is estimated to have increased by 29.98%If it keeps increasing at this rate, Bitcoin mining will consume all the world’s electricity by February 2020.
Estimated annualized global mining revenues: $7.2 billion USD (£5.4 billion) Estimated global mining costs: $1.5 billion USD (£1.1 billion) Number of Americans who could be powered by bitcoin mining: 2.4 million (more than the population of Houston).Number of Britons who could be powered by bitcoin mining: 6.1 million (more than the population of Birmingham, Leeds, Sheffield, Manchester, Bradford, Liverpool, Bristol, Croydon, Coventry, Leicester & Nottingham combined) Or Scotland, Wales or Northern Ireland. Bitcoin Mining consumes more electricity than 12 US states (Alaska, Hawaii, Idaho, Maine, Montana, New Hampshire, New Mexico, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming)
Read on http://www.rumormillnews.com/cgi-bin/forum.cgi?read=88310
MY VISIT INSIDE GENESIS MINING
GENESIS MINING SECRETS: WHAT THEY DON’T WANT YOU TO KNOW https://www.youtube.com/watch?v=zVFn7V65BOY
HOW MINERS ‘SEAL OFF’ A BLOCK: COMPETING FOR COINS
Competing for Coins. So, that’s how miners ‘seal off’ a block. They all compete with each other to do this, using software written specifically to mine blocks. Every time someone successfully creates a hash, they get a reward of 25 bitcoins, the blockchain is updated, and everyone on the network hears about it.December 22, 2014 – New bitcoins are generated by a competitive and decentralized process called “mining”. This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange. https://www.buybitcoinworldwide.com/mining/
WALMART, SAFEWAY, OTHER LARGE CORPORATIONS UNPLUGGING FROM UNRELIABLE POWER GRID
By JB Bardot – Written by Daniel Jennings – More large corporations have decided that the electric power grid is unreliable and are planning to unplug from it and generate their own electricity. The Wall Street Journal has confirmed a story that Off the Grid News previously reported – and the newspaper found the practice is even more widespread than previously thought. It was reported that several large corporations, including Walmart, Safeway, Google, Bank of America and Coca-Cola, are spending hundreds of millions of dollars on systems to generate their own electricity. A Journal article indicates that many other large companies, too, are taking steps to generate their own electricity. https://www.jbbardot.com/walmart-safeway-others-large-corporations-unplugging-from-unreliable-power-grid/
EVERYTHING WE KNOW IS ABOUT TO CHANGE!
“IT’S NOT A BUBBLE … IT’S MASS ADOPTION” SAYS BLOCKCHAIN MINING CHAIRMANDecember 21, 2017 – With cryptocurrencies like Bitcoin and Ethereum having seen exponential price increases throughout 2017 it’s easy to suggest the entire crypto space is in an epic bubble. And while in the short-term this may be true with wild price springs occurring on a regular basis, what 2017 has proven is that more and more individuals and institutions around the world are getting interested. In fact, so much so that Coinbase, one of the most popular crypto currency exchanges in the United States, saw more client accounts created in three years than brokerage firm Charles Schwab has seen in thirty.This, according to Hive Blockchain Technologies [https://www.hiveblockchain.com/] Chairman Frank Holmes in a recent interview with Future Money Trends. [https://www.hiveblockchain.com/news/hive-blockchain-closes-50-million-first-tranche-of-financing/] , is indicative not of a bubble, but rather, a mass adoption. Holmes notes that proof of this adoption comes from the fact that Genesis Mining, one of the largest global blockchain mining leasing firms, recently ran out of mining server space in their massive facility. As well, there is incredible demand as evidenced by Coinbase and other exchanges, especially now that millennials see blockchain as the future of the internet.There is no doubt that blockchain technologies will continue to move forward and revolutionize everything from digital payments systems to communications security. And though price movements of some crypto assets may look like a bubble, consider that only a small percentage of the global population has gotten involved from an investment standpoint. Some estimates suggest that the current $600 billion or so total market cap of all cryptocurrencies combined will soon be dwarfed by the trillions of dollars expected to move into the space. In this case, early adopters of successful blockchain technologies will continue to see exponential gains as the market expands.
APPLE IS GETTING EVERYONE PREPARED FOR IT…
[Satan pays well: Apple CEO Tim Cook Earned $102 Million in 2017December 27, 2017 PST by Juli Clover – In fiscal 2017, Apple CEO Tim Cook received a salary of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million for a total compensation package of approximately $102 million, reports Bloomberg. The data was shared today by Apple in a proxy statement filed with the United States Securities and Exchange Commission ahead of the company’s annual shareholders meeting, which will take place on February 13, 2018.
THE BIBLE SAYS THIS IS EXACTLY HOW IT WOULD LOOK BEFORE THE END (2017-2018)386,940 views https://www.youtube.com/watch?v=hWe62uHpikY*
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