To mine cryptocurrencies in 2018, miners will need about 140 terawatt-hours of electricity. In terms of the volume of energy resources consumed, this is comparable to the electricity consumption of a country such as Argentina.
This surge in electricity demand could serve as good motivation for renewable energy producers in the US and China to enter the markets.
“Bitcoin and other cryptocurrencies miners could require up to 140 TW of electricity in 2018, about 0.6% of the world's total electricity supply. That's more than expected from electric vehicle service in 2025,” according to a study by analyst Morgan Stanley.
According to the report Bloomberg New Energy Finance, by the end of 2017, the demand for electricity for mining grew to 20.5 terawatt-hours per year. This is equivalent to more than half the terawatt-hours consumed annually by the world's largest mining company, BHP Billiton Ltd. or a tenth of the electricity needed for industrial and domestic needs throughout South Africa.
According to https://comments.ua
You May Also Like
Bitfury is preparing for an IPO
One of the largest mining companies in Europe, Bitfury, is considering the possibility of becoming public. Company representatives are in talks with several global investment banks and plan to begin trading in Amsterdam, London or Hong Kong in 2019. An IPO could help the company reach a valuation of $3-5 billion.
Bitmain will process EOS transactions
Chinese cryptocurrency company Bitmain, which makes mining hardware and supports efforts to increase the scalability of the Bitcoin network, received the necessary votes to become an EOS signatory on Tuesday. This will allow her to receive compensation for confirming transactions on the EOS blockchain to maintain the health of the network.
