Home / Crypto News / Bitcoin News / Bitcoin mining consumes three times more energy than gold mining, according to researchers

Bitcoin mining consumes three times more energy than gold mining, according to researchers

Bitcoin mining consumes three times more energy than gold mining, according to researchers

Researchers at the Oak Ridge Institute in Cincinnati, USA, have now published a scientific study on the energy consumption of cryptomining. The study was published on November 5 in the world-renowned journal “Nature”. The study shows that bitcoin mining consumes up to three times more energy than is required to mine a lot of gold at the same dollar value.

Bitcoin and Gold initials

In the study, the researchers Max J. Krause and Thabet Tolaymat first explain the underlying energy requirements. This refers to the amount of energy required between the beginning of 2016 and mid-2018 to mine $ 1 worth of Bitcoin. This value was 17 megajoules. It should be noted that this is a mathematically calculated value that does not include the necessary cooling performance when mining and maintaining the minicomputers.

Converting these 17 megajoules into kilograms of oil equivalent shows that to generate a $ 1 bitcoin fraction, the same amount of energy is needed to burn 400 grams of oil.

To mine a lot of $ 1 worth of gold during the same period, you only needed 5 megajoules. Other cryptocurrencies, such as Litecoin, Ethereum, and Monero, required more energy during the mining period than needed to mine equivalent gold.

Who consumes a lot of energy

In the study Not only gold was considered, but also other metals. One of these metals consumes much more energy than Bitcoin for mining. This metal is aluminum. The study claims that 122 megajoules are needed to extract $ 1 worth of aluminum. The study states:

“By comparison, we estimate that when mining aluminum, copper, gold, platinum metals, and rare earths, 122, 4, 5, 7, and 9 megajoules are required to create a value of $ 1. “

So, mining a $ 1 aluminum amount takes more than seven times as much energy as mining Bitcoin is necessary in the same value. This corresponds to the amount of energy that is produced by burning more than 2.8 kilograms of crude oil.

With regard to the carbon footprint, the study shows that the balance sheet depends on the country in which the Activity take place. For example, Canada produces cheaper and cleaner energy than China. Calculated, therefore, when mining in China about four times more CO2 than when mining in Canada.

A look to the future

Many other studies have predicted the serious environmental impact of crypto-domination. The current study by the Oak Ridge Institute, on the other hand, assumes that the adoption of new technologies could minimize the impact. As an example, the researchers cite Monero's Hard Fork and the planned change in Ethereum's consensus mechanism.

Bitcoin mining consumes three times more energy than gold mining, according to researchers

Sources: Nature, Earth Chronicles, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-mining-verbraucht-dreimal-mehr-energie-als-das-schuerfen-von-gold-laut-forschern/

Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for entertainment and information purposes only. We are not an investment advisor and do not provide financial advice.

We can not review all articles posted on CoinNewsDesk.com. Please independently research and verify any information here before relying on it as fact. It's also important to do proper due diligence and analysis, including consulting a professional financial advisor. No content on Coin News Desk makes any recommendation to enter into any type of investment or engage in any investment strategy on this website.

About Coin News Desk Team

Leave a Reply

Your email address will not be published. Required fields are marked *