The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Is Greener Than Almost Every Other Large-Scale Industry on Earth – Study

by Daily Hodl Staff
December 24, 2018
in Mining

CoinShares Research has released its second study detailing the efficiency and environmental impact of Bitcoin miners. The results point to Bitcoin mining being less profitable than many think and more environmentally sound than many believe.

Bitcoin mining, the study concludes, is greener than almost every other large-scale industry in the world. Despite what the study calls “groundless” claims from publications suggesting the carbon dioxide emissions from BTC mining could cause a two degree increase in global temperature, researchers conclude that most of the activity takes place in areas with large, unused supplies of renewable energy.

A maximum of 60% of the miners are located in China, with 80% of the Chinese miners working from the Sichuan province. Areas like these are chosen due to the low cost of high-speed internet and cooler temperatures which eases the cost of additional cooling.

According to the study,

“The very provinces that house the majority of cryptocurrency mining operations in China are also the ones that derive sizeable proportions of their energy generation mix from renewables.”

The Sichuan province’s energy mix is 90% renewable, negating much of the harm that mining is thought to cause. Researchers point out that Bitcoin’s global energy mix is calculated to use around 77.6% renewable energy, with approximately 22.6% of the energy coming from fossil/nuclear components.

The study compares and contrasts Bitcoin mining against gaming, a high-energy consuming activity.

“While we find the notion of attacking a value-creating industry based on its consumption of electricity freely purchased by willing sellers in the open market rather absurd, if one nevertheless was to embark on such a spurious line of argumentation we humbly suggest efforts might be better directed towards other applications of electricity.

For example, there are approximately 85m PlayStation4, 40m Xbox One and 15m Nintendo Wii U consoles distributed among global households [38] [39] [40]. Their weighted average gameplay power draw is approximately 120W. Assuming they are played on a modern 40’’ LED TV drawing only 40W, for 4 hours a day, and idling for 20 hours a day, at a weighted average of 10W, these gaming systems alone draw more power (4.9GW) than the entire Bitcoin mining network (4.7GW).”

[38] Steamtyme, “BitcoinTalk,” 7 October 2018.

[39] J. Song, “Medium,” 14 April 2017.

[40] Bitmain, “Twitter,” 24 January 2017.

Bitcoin mining is essentially filling in the gaps where energy was just sitting, unused. Nic Carter explains that it effectively “liberates stranded [electricity generation] assets and makes new ones viable.”

The study also finds that, due to the dropping price of BTC and the consistency in hashrate, the average Bitcoin miner is probably running at a loss. Mining is, however, still profitable with “the right combination of electricity price, entrance point on the technology curve, and hardware cost.”

You can read the study here.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Mooky.io – $750,000 Raised Within a Matter of Days
    June 5, 2023
  • DPAT Raises Private Funding To Enhance Web 3.0 Ecosystem
    June 2, 2023
  • Pink Moon Studios Reveals ‘KMON: World of Kogaea’ Pioneering a New Era in Web 3.0 Open-World Gaming
    June 2, 2023
  • OKX Proposes Industry-First BRC-30 Token Standard To Enable Bitcoin and BRC-20 Token Staking
    June 2, 2023
  • Devour and AlterVerse Partner To Bring the World’s First Web 3.0 Food Ordering Marketplace to the Metaverse
    June 1, 2023
  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$25,790.91
$25,790.91
3.72%
Ethereum
$1,814.80
$1,814.80
3.01%
Cardano
$0.352443
$0.352443
6.16%
XRP
$0.511635
$0.511635
4.49%
Dogecoin
$0.066773
$0.066773
6.94%

Spotlight

  • It Really Is Time for Bitcoin (BTC) To Rise, Says Veteran Trader Tone Vays – Here’s His Target
    May 30, 2023
  • Dormant Ethereum Wallet From ICO Era Abruptly Wakes Up After Eight Years With 588,609% Gains
    May 30, 2023
  • $496,000,000,000 Sovereign Wealth Fund Says Crypto Investment Had Negative Impact on Its Reputation
    May 30, 2023
  • Trader Who Accurately Called 2023 Crypto Rally Predicts Massive Litecoin (LTC) Surge – Here’s His Forecast
    May 30, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl