•  

  •  

  •  

  •  

  •  

  •  

  •  

  •  

Copyright 2017 - Schultz IT Solutions - swiss servicequality for austrian and international enterprises - All rights reserved.

Bitcoin Mining now consuming more electricity than 159 countries including Ireland & most countries in Africa

Bitcoin’s ongoing meteoric price rise has received the bulk of recent press attention with a lot of discussion around whether or not it’s a bubble waiting to burst. However, most the coverage has missed out one of the more interesting and unintended consequences of this price increase. That is the surge in global electricity consumption used to “mine” more Bitcoins.

Bitcoin Mining in comparison with global electrical energy consumption

According to Digiconomist’s Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoin’s current estimated annual electricity consumption stands at 29.05TWh (to learn even more interesting facts about Bitcoin, you can visit the UK power compare website with it's Bitcoin report). That’s the equivalent of 0.13% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries (as you can see from the map above). More than Ireland or Nigeria. If Bitcoin miners were a country they’d rank 61st in the world in terms of electricity consumption.

To put this into context, one can estimate that each Bitcoin transaction consumes about EUR 13.200,00 worth of electricity. How do we come to this conclusion? Currently there are 30.4 transactions per second (source: https://blockchain.info/de/unconfirmed-transactions ), this sums up to 109.440 transactions per hour. 29,05 TWh divided by 109.440 gives 265.442 MWh per transaction, at an estimated cost of EUR 0,05 per KWh (in Vienna, Austria the cost is more like EUR 0,10 per KWh). One could argue that this estimate is wrong for various reasons, but whatever the real costs per transaction are, they are astronomical in comparison with just about any other payment system.

We cannot support this behaviour

As responsible and globally active enterprise, we decided to take a stand and do not support this waste of energy and threat to our global climate.

So we decided to neither accept this CryptoCurrency nor use it - as an enterprise or as individual human beings. As specialists in developing payment solutions for webshops, we also refuse to embed Bitcoin payment services into our solutions. We further actively advocate this decision to our customers and business partnerns and ask them to join us in working against global climate change.

wir arbeiten weltweit mit vielen Partnern zusammen

KASPERSKY Labs - Silver Partner
Microsoft - Small Business Specialist
Breezing Forms - from simple contact forms to very advanced form applications, anything is possible
j2store - Best Joomla Shopping cart & eCommerce extension
 
CAcert.org - kostenfreie Zertifikate f├╝r jedermann!
Copernic Desktop Search - Dokumente finden statt suchen!
Banana Buchhaltungssoftware - Buchhaltung f├╝r kleine Unternehmen, Vereine und Privatpersonen
Complete Online Booking and Property Management Solution
Kontakt  |  Impressum  |  Datenschutz Erklärung  |  AGB