Many websites regularly publish new posts on how much electricity you consume miners. Usually the numbers in the news are impressive: mining Bitcoins requires more electricity than Nigeria or Iceland, the ranking of countries-consumers of electricity miners could take place between Bulgaria and Morocco. The headlines, however, does not always correspond to reality — according to many analysts. In their view, by 2020, mining will not be able to spend one hundred percent of electricity produced, as in all estimates of the consumption of energy miners are greatly exaggerated.
Previously portal Digiconomist reported that the production of bitcoin miners spend up to 30 TW * h of electricity per year, it was noted that the figures are probably even more, because better measurement of the costs is quite difficult. However, there are those who do not agree with this position.
CNBC published an article in which he brought the perspective of a few energy experts, claiming that the hysteria about the year 2020, which the miners use up all the electricity, at least premature. Experts have criticized the publication Digiconomist, to doubt the accuracy of that data.
“Many of the calculations given in favor of the theory that the miners will spend all the electricity on Bitcoins produced with serious errors. I don’t think now anyone can at least very roughly calculate how much electricity is spent on this process. To find out for sure, you need to first obtain accurate data from all miners,” said the MIT Professor Christian Catalini, teaching the subject “Technology of the blockchain and cryptocurrency”.
“Every time someone makes such a calculation, he makes a lot of mistakes that arise including from uncertainty. There is no precise data, it is impossible to obtain any accurate calculations. What now passes for serious calculations really can’t be considered as such. Analysis of electricity consumption, made earlier, is very doubtful. No self-respecting energy analyst never do anything like that,” says colleague Professor from Stanford.
Jens Malmodin from Ericsson Research was supported by professors, cautiously noting that he agrees and would like to see more data from the consumers themselves. Harald Vranken, University of Redbud from the Netherlands, and does its own calculations, according to which the miners consume one to four gigawatts. However, he noted that during the calculation used only the maximum value.
Experts noted that the calculations typically use average price per kilowatt, which, as a rule, more real, moreover, not taken into account and a number of other important factors. Some large farms are used as a source of energy debris, the sun or own wind turbines, not thus impacting centralized systems.