Bitcoin Mining Energy is 5,814% More Efficient Today Than 8 Years Ago Which Will Increase Even More With Intel’s Ultra-low-voltage Energy-efficient Bitcoin Mining ASIC

2 min read

Bitcoin Mining Energy is 5,814% More Efficient Today Than 8 Years Ago Which Will Increase Even More With Intel’s Ultra-low-voltage Energy-efficient Bitcoin Mining ASIC

MicroStrategy’s CEO Michael Saylor. Source: a screenshot, Youtube/Swan Signal – A Bitcoin Channel

Particularly with the potential new launch of Intel’s new extremely environment friendly Bitcoin Mining ASIC, Bitcoin mining is simply changing into increasingly more environment friendly. Stories which have talked about Bitcoin mining’s affect, have enormously exaggerated the numbers, and more and more, Bitcoin miners are more and more utilizing renewable power to energy their mining actions (44% in EU).

The entire use of energy for Bitcoin (BTC) mining is “inconsequential,” and it’s “quickly changing into more efficient,” MicroStrategy CEO Michael Saylor stated, because the mining industry is making ready for a hearing in the US House of Representatives this week.

Saylor was talking during a quarterly briefing by the Bitcoin Mining Council (BMC) on Wednesday.

In line with the CEO, the quantity of energy Bitcoin is utilizing makes up not more than “a rounding error” in different major industries, and is “negligible” when in comparison with total world energy utilization.

“Relative to the world-wide energy usage, [bitcoin] uses about 14 basis points,” Saylor stated, noting that this is up over the previous quarter provided that Bitcoin’s hashrate, or the computational power, has “increased dramatically.”

7-day moving average. Source: bitinfocharts.com

Additionally, the distinguished Bitcoin bull stated that mining will not be solely very environment friendly in its present state, but stressed that it additionally keeps getting more environment friendly over time.

“It’s already the most cost-efficient major industrial user of energy in the world, it’s extraordinary in its efficiency,” Saylor stated, including that “the important point is it’s getting more efficient.”

Along with Saylor, Coin Metrics co-founder and Castle Island Ventures general partner Nic Carter also joined the briefing. In his remarks, Carter focused on the recently published misleading memo prepared for an upcoming hearing within the US House of Representatives on the impact of crypto mining, saying the memo comprises figures referring to e-waste from mining that “we know to be false.”

Misleading Report

“The claim is that Bitcoin mining generated 30,000 metric tons of e-waste in 2021,” Carter stated, including that this is primarily based on a paper that assumes a 1.29-year depreciation cycle for ASIC Bitcoin mining machines.

“[Bitmain’s S9 mining machines] represent 25% of the network hashrate, and that was an ASIC launched in 2016,” Carter stated, explaining that the majority mining companies use depreciation assumptions which are “for much longer” than 1.29 years.

“We’ve seen in practice that ASICs generally have lasted far longer than most people expected,” Carter stated, including that the depreciation cycle these days “is probably more like 5 years effectively.”

Bitcoin Mining’s Actual Energy Efficiency

Additionally, per data compiled by the Bitcoin Mining Council last month, international BTC mining consumes 3.2% of {the electrical} system energy wasted or lost within the USA within the space of a yr. Additionally they claim that Bitcoin mining energy use is 0.142% when in comparison with the world’s total energy.

Moreover, per this data, nearly 59% of worldwide BTC miners now use sustainable energy – in comparison with nations like Brazil, which uses just over 2% renewable electricity. The USA uses less than 32%, while the EU figure is almost 44%.

Moreover, the council added, BTC mining technology has come on in leaps and bounds, which means that miners working at present are actually 5,814% more efficient than those working just eight years ago.

Intel inside Bitcoin mining

Throughout the on-line dialogue, Michael Saylor additionally touched on the latest information that the key American chipmaker Intel would possibly launch a brand new sort of Bitcoin mining machine with enormously improved power effectivity.

According to the CEO, Intel’s entry into the space has the potential to speed up the energy efficiency of Bitcoin mining, calling it “indicative of the vitality of the network and thing overall.”

The brand new chip, which has been described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC,” is rumored to be unveiled during a company presentation on February 23, Cryptonews.com reported yesterday.
____
Be taught extra:
Misleading Memo for US House Hearing on Bitcoin & Ethereum Mining Includes ‘Basic Errors’ 
Proof-of-Hypocrisy: Securities Regulator Calls for Bitcoin Mining Ban in EU, Promotes PoS

Bitcoin & Crypto Mining in 2022: New Locations, Technologies, and Bigger Players
How Bitcoin Mining Might Help Nations With Domestic Energy Production

A Closer Look at the Environmental Impact of Bitcoin Mining
Bitcoin Miners Adapt Fast As EU Mulls ‘Climate-Friendly Cryptoassets’

____

 

Via this site