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Rescooped by Philippe J DEWOST from Consensus Décentralisé - Blockchains - Smart Contracts - Decentralized Consensus
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Bitcoin Energy Consumption Index

Bitcoin Energy Consumption Index | cross pond high tech | Scoop.it

Key Network Statistics

Bitcoin's current estimated annual electricity consumption* (TWh)= 12.79
Annualized global mining revenues = $1,425,461,447
Annualized estimated global mining costs = $639,742,471
Country closest to Bitcoin in terms of electricity consumption = Mozambique
Estimated electricity used over the previous day (KWh) = 35,054,382
Implied Watts per GH/s = 0.332
Electricity consumed per transaction (KWh)= 110
Number of U.S. households that could be powered by Bitcoin = 1,184,708.00
Number of U.S. households powered for 1 day by the electricity consumed for a single transaction = 3.71
Bitcoin's electricity consumption as a percentage of the world's electricity consumption = 0.06%

*The assumptions underlying this estimate can be found here.

Did you know?

Ever since its inception Bitcoin’s trust-minimizing consensus has been enabled by its proof-of-work algorithm. New sets of transactions (blocks) are added to Bitcoin’s blockchain roughly every 10 minutes by so-called miners. While working on the blockchain these miners aren’t required to trust each other. The only thing miners have to trust is the code that runs Bitcoin. The code includes several rules to validate new transactions. For example, a transaction can only be valid if the sender actually owns the sent amount. Every miner individually confirms whether transactions adhere to these rules, eliminating the need to trust other miners.

The trick is to get all miners to agree on the same history of transactions. Every miner in the network is constantly tasked with preparing the next batch of transactions for the blockchain. Only one of these blocks will be randomly selected to become the latest block on the chain. Random selection in a distributed network isn’t easy, so this is where proof-of-work comes in. In proof-of-work, the next block comes from the first miner that produces a valid one. This is easier said than done, as the Bitcoin protocol makes it very difficult for miners to do so. In fact, the difficulty is regularly adjusted by the protocol to ensure that all miners in the network will only produce one valid bock every 10 minutes on average. Once one of the miners finally manages to produce a valid block, it will inform the rest of the network. Other miners will accept this block once they confirm it adheres to all rules, and then discard whatever block they had been working on themselves. The lucky miner gets rewarded with a fixed amount of coins, along with the transaction fees belonging to the processed transactions in the new block. The cycle then starts again.

What kind of work are miners performing?

The process of producing a valid block is largely based on trial and error, where miners are making numerous attempts every second trying to find the right value for a block component called the “nonce“, and hoping the resulting completed block will match the requirements (as there is no way to predict the outcome). For this reason, mining is sometimes compared to a lottery where you can pick your own numbers. The number of attempts (hashes) per second is given by your mining equipment’s hashrate. This will typically be expressed in Gigahash per second (1 billion hashes per second).

 

Philippe J DEWOST's insight:

Bitcoin as a country would rank #82 between Mozambique and Slovenia in terms of energy consumption !

 

Fascinating and uptodate index with a trove of data for any of those who want a better insight on "the energy issue" posed by Bitcoin Mining, with several comparisons helping you to seize and frame notions such as TeraWatthour (TWh) per year.

 

And as a bonus, a very clear explanation of what mining is about and why proof of work has been designed as such.

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Philippe J DEWOST's curator insight, May 12, 12:25 PM

Bitcoin as a country would rank #82 between Mozambique and Slovenia in terms of energy consumption !

 

Fascinating and uptodate index with a trove of data for any of those who want a better insight on "the energy issue" posed by Bitcoin Mining, with several comparisons helping you to seize and frame notions such as TeraWatthour (TWh) per year.

 

And as a bonus, a very clear explanation of what mining is about and why proof of work has been designed as such.

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California teen invents device that could charge a cell phone in 20 seconds

California teen invents device that could charge a cell phone in 20 seconds | cross pond high tech | Scoop.it

Eesha Khare is the mind behind a super-powerful and tiny gizmo that packs more energy into a small space, delivers a charge more quickly, and holds that charge longer than the typical battery. Khare showed off her so-called super-capacitor last week at the Intel International Science and Engineering Fair in Phoenix, Ariz. In her demonstration, she showed it powering a light-emitting diode, or LED light, but the itty-bitty device could fit inside cell phone batteries, delivering a full charge in 20-30 seconds. It takes several hours for the average cell phone to fully charge.

Khare also pointed out that the super-capacitor “can last for 10,000 charge cycles compared to batteries which are good for only 1,000 cycles.”

Philippe J DEWOST's insight:

Most of us have been dreaming of this at some point, right?

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New Record Low Solar Price in Abu Dhabi – Costs Plunging Faster Than Expected

New Record Low Solar Price in Abu Dhabi – Costs Plunging Faster Than Expected | cross pond high tech | Scoop.it

The latest record is an incredibly low bid of 2.42 cents / kwh solar electricity in Abu Dhabi. That is an unsubsidized price.

Let me put that in perspective. The cost of electricity from a new natural gas powerplant in the US is now estimated at 5.6 cents / kwh.  (pdf link) That is with historically low natural gas prices in the US, which are far lower than the price of natural gas in the rest of the world.

This new bid in Abu Dhabi is less than half the price of electricity from a new natural gas plant.

What’s more, it’s less than the cost of the fuel burned in a natural gas plant to make electricity – without even considering the cost of building the plant in the first place.

The solar bid in Abu Dhabi is not just the cheapest solar power contract ever signed – it’s the cheapest contract for electricity ever signed, anywhere on planet earth, using any technology.

 

Philippe J DEWOST's insight:

Looks like solar energy is really following an exponential path similar to tech's Moore's Law. The shift in once oil addicted Middle East is indeed impressive.

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Graphene Supercapacitors: The End Of Batteries?

Graphene Supercapacitors: The End Of Batteries? | cross pond high tech | Scoop.it

Richard Kaner and his graduate student Maher El-Kady have been trumpeting graphene micro-supercapacitors that would combine the very fast charge and discharging capabilities of supercapacitors – hundreds of times faster than batteries – with the high energy density of batteries.

 

Now the researches say they have demonstrated a scalable fabrication process that could make their supercapacitors cheap to produce while expanding the possibilities for their use.


The UCLA researchers say they’ve been able to produce more than 100 micro-supercapacitors on a single disc in less than 30 minutes, using inexpensive materials. (image via UCLA)

“We are now looking for industry partners to help us mass-produce our graphene micro-supercapacitors,” Kaner said in a statement.

Philippe J DEWOST's insight:

The process is almost as fascinating as the potential outcome ...

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Larry's comment, April 8, 2013 4:35 AM
¿ Availability? 2 years from now? First devices ?