Bitcoin mining and increased energy bills

Bitcoin mining and increased energy bills are a high -profile topics. Because mining requires a lot of electricity to complete the calculation work, mining will increase electricity expenses. In this article, we will explore the power cost, mining impact of mining.

The power cost of Bitcoin mining

The power cost of Bitcoin mining mainly depends on the following factors:

Mining machine power consumption:

the greater the power consumption of the mining machine, the more electricity is consumed. At present, the power consumption on the market ranges from hundreds of watts to thousands of watts. For example, the power consumption of Bitmain Antminer S19 Pro is 3250 watts, while WhatsMiner M30s ++ is 3400 watts.

Mining difficulty:

Bitcoin network will adjust the difficulty according to the total power of miner. Therefore, the greater the difficulty, the higher the computing power required by mining, which will consume more power. The difficulty of it is controlled by the difficulty target in the Bitcoin agreement. The purpose is to maintain the detection speed of Bitcoin near the speed of one block every 10 minutes. The difficulty of the Bitcoin network on April 20, 2022, is 29.51T, which means that the difficulty of mining coin is about 3 times compared to a year ago.

Power price:

The price of power in different regions is different, so the cost of mining coin will be different. In some areas, the power cost of Bitcoin miners can be very low because the power supply in these areas or the price is very low. However, in other areas, the power cost of mining may be very high because the power supply in the area is tight or the price is high. In addition, some countries and regions are levied on Bitcoin mining for additional taxes or fees, which will also increase the cost of mining coin.

Bitcoin is a decentralized digital currency. Its transaction records are stored on the blockchain, and the miners use computers to process electronic transactions to obtain Bitcoin. Bitcoin miner requires a large amount of electricity to complete the calculation work, so mining coin will increase electricity costs.

Bitcoin mining and energy consumption

The mining process is to solve mathematical problems by calculating the SHA-256 hash algorithm, thereby verifying transactions and adding new blocks to the blockchain.

Mining requires a lot of computing resources and electricity, and the computing power of the Bitcoin network is getting higher and higher,

which means that mining requires more electricity to meet its computing requirements. Data show that the global Bitcoin network consumes about 116 TWH daily,

which is equivalent to about 0.55 % of global power consumption.

Mines

Bitcoin miner machines are computer equipment specially used for mining, with high power and efficient computing power.

The power consumption of each mining machine is usually between 1,000 watts and 3,500 watts. In addition,

different mining machines will have different levels of efficiency, so the same computing mines may also have differences in power consumption.