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Study reveals Cryptocurrency mining energy consumption in China alone will be higher than Italy in three years
80% of the world's crypto mining happens in China. Electricity consumption from China's Bitcoin mining operations will pass Italy's electricity consumption by 2024. That's what scientists say in Nature. "Without timely intervention, the climate efforts that the country did will be nullified," they say.
According to the researchers, this is due to the cheap electricity in the country and the relatively easy access to mining parts from manufacturers reports tweakers.net Bitcoin is using the most energy per transaction and coin mined, other cryptos are to follow suit. Four out of ten Chinese miners would use electricity produced from coal, the remaining 60 percent run on renewable energy. Due to the large share of coal-based energy consumption, the researchers argue that China's Bitcoin mining activities could nullify the climate efforts the country has already made. The researchers also expect that Chinese mining activities will only increase.
“Without political intervention, the annual energy consumption of China's Bitcoin mining activities will reach 297 terawatt-hours by 2024
As a comparison, we are based in the Netherlands, we as a country currently use 107 THh per year.
Noisiv
Senior Member
Posts: 8198
Joined: 2010-11-16
Senior Member
Posts: 8198
Joined: 2010-11-16
#5903452 Posted on: 04/09/2021 12:57 PM
in 30 years it will consume 50% of all energy generated.
but... the very study say that by 2029
In China the government knows even the brand of toilet paper you are using, so if they want you to stop mining or pay extra for it, then they can do it. However, they haven't
China has been long playing with the developing country status (even though it's the second richest country in the world) to avoid emission control responsibilities, despite nominally being a part of the environmental protection deals.
It's weird that in the same sentence you ridicule Chinese state for overreaching, while complaining that it wont use its all-powerful abilities.
When it comes to international emission responsibilities, it is
Your country Finland, is still spewing
in 30 years it will consume 50% of all energy generated.
but... the very study say that by 2029
even in the worst case
(market access scenario), BTC emissions will be negligible. RTFMIn China the government knows even the brand of toilet paper you are using, so if they want you to stop mining or pay extra for it, then they can do it. However, they haven't
China has been long playing with the developing country status (even though it's the second richest country in the world) to avoid emission control responsibilities, despite nominally being a part of the environmental protection deals.
It's weird that in the same sentence you ridicule Chinese state for overreaching, while complaining that it wont use its all-powerful abilities.
When it comes to international emission responsibilities, it is
completely irrelevant
whether China is a developed or developing country. Paris Agreement makes no distinction between two categories.Your country Finland, is still spewing
more CO2
per capita than China
Agonist
Senior Member
Posts: 4066
Joined: 2008-10-13
Senior Member
Posts: 4066
Joined: 2008-10-13
#5903469 Posted on: 04/09/2021 01:46 PM
Go figure. China being the selfish pricks they are causing world problems.
Go figure. China being the selfish pricks they are causing world problems.
DarkQuark
Senior Member
Posts: 158
Joined: 2004-10-17
Senior Member
Posts: 158
Joined: 2004-10-17
#5903474 Posted on: 04/09/2021 01:56 PM
Wasting resources of any kind to "create" something that does not really exist is pretty insane if you think about it.
The power of crypto (and I think it's original intent) is to move or hold money without big banks or a government being involved. This mining nonsense will give those governments and big banks cause to ban it outright. So once again greed ruins it for everyone.
Wasting resources of any kind to "create" something that does not really exist is pretty insane if you think about it.
The power of crypto (and I think it's original intent) is to move or hold money without big banks or a government being involved. This mining nonsense will give those governments and big banks cause to ban it outright. So once again greed ruins it for everyone.
Ryu5uzaku
Senior Member
Posts: 7416
Joined: 2006-09-24
Senior Member
Posts: 7416
Joined: 2006-09-24
#5903475 Posted on: 04/09/2021 01:57 PM
Depend if nuked or power plan (or nuked by powerplan due to lack of semi conductor to repair control tool)...
More seriously, you are very optimistic about power delivered by nuclear power plan... At this level of consomation of energy they will need an army of powerplan.
Maybe reducing the way to consume so much would be a better solution.
Considering that consumption won't happen. Ah well. Nuclear power plants actually do deliver quite a bit power and they are actually better for nature also then let's say fields of solar or putting tons of wind turbines everywhere. And they have the biggest renewable energy dam in the world.
Depend if nuked or power plan (or nuked by powerplan due to lack of semi conductor to repair control tool)...
More seriously, you are very optimistic about power delivered by nuclear power plan... At this level of consomation of energy they will need an army of powerplan.
Maybe reducing the way to consume so much would be a better solution.
Considering that consumption won't happen. Ah well. Nuclear power plants actually do deliver quite a bit power and they are actually better for nature also then let's say fields of solar or putting tons of wind turbines everywhere. And they have the biggest renewable energy dam in the world.
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Senior Member
Posts: 1171
Joined: 2010-01-04
What are they going to do with all this worthless virtual currency when the climate and economies collapse because of it. One BTC won't be worth the price of a loaf of bread then.