cross pond high tech
117.7K views | +39 today
Follow
cross pond high tech
light views on high tech in both Europe and US
Your new post is loading...
Your new post is loading...
Rescooped by Philippe J DEWOST from Consensus Décentralisé - Blockchains - Smart Contracts - Decentralized Consensus
Scoop.it!

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.

more...
Philippe J DEWOST's curator insight, May 12, 2017 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.

Rescooped by Philippe J DEWOST from pixels and pictures
Scoop.it!

Apple’s WWDC Keynote by the Numbers

Apple’s WWDC Keynote by the Numbers | cross pond high tech | Scoop.it

Beyond the hardware and software announcements, Apple's Worldwide Developers Conference keynote address Monday was a victory lap full of big numbers.

more...
No comment yet.