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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.
Ryu5uzaku
Senior Member
Posts: 7416
Joined: 2006-09-24
Senior Member
Posts: 7416
Joined: 2006-09-24
#5903410 Posted on: 04/09/2021 09:13 AM
China gotta go nuclear and fast.
China gotta go nuclear and fast.
Kaarme
Senior Member
Posts: 3374
Joined: 2013-03-10
Senior Member
Posts: 3374
Joined: 2013-03-10
#5903414 Posted on: 04/09/2021 09:26 AM
That would totally ignore the huge segment of entities running mining as a business. Can you even say it's just another household when the place is basically a warehouse or whatever other property with hundreds of GPUs mining? Or ASICs. The heavy miners in China have established their mining lairs in parts of China where cheap coal power is available. It's no household. Otherwise, as long as we are talking about China, it's kind of pointless to come up with plots like that. 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 for a few of reasons, the main ones being: Foolish Westerners use real money to buy crypto and, on the other hand, 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.
There is a easy way to solve this. It can be solved that energy consumption is calculated progressively. If the household consumes a normal / average amount of energy for the household, then the normal price for electricity goes. If 50% more is spent, the price jumps twice. 100% higher consumption than average, the price goes up by 400%. So now, let all the miners calculate how profitable it is for them to mine.
That would totally ignore the huge segment of entities running mining as a business. Can you even say it's just another household when the place is basically a warehouse or whatever other property with hundreds of GPUs mining? Or ASICs. The heavy miners in China have established their mining lairs in parts of China where cheap coal power is available. It's no household. Otherwise, as long as we are talking about China, it's kind of pointless to come up with plots like that. 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 for a few of reasons, the main ones being: Foolish Westerners use real money to buy crypto and, on the other hand, 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.
rl66
Senior Member
Posts: 3609
Joined: 2007-05-31
Senior Member
Posts: 3609
Joined: 2007-05-31
#5903415 Posted on: 04/09/2021 09:35 AM
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.
China gotta go nuclear and fast.
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.
Andy Watson
Senior Member
Posts: 300
Joined: 2017-09-22
Senior Member
Posts: 300
Joined: 2017-09-22
#5903425 Posted on: 04/09/2021 10:14 AM
I wouldn't be surprised if crypto currencies are banned due to environmental reasons at some point given the above.
I wouldn't be surprised if crypto currencies are banned due to environmental reasons at some point given the above.
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Junior Member
Posts: 17
Joined: 2010-12-16
There is a easy way to solve this. It can be solved that energy consumption is calculated progressively. If the household consumes a normal / average amount of energy for the household, then the normal price for electricity goes. If 50% more is spent, the price jumps twice. 100% higher consumption than average, the price goes up by 400%. So now, let all the miners calculate how profitable it is for them to mine.