How much power do we spend to make Bitcoins?

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Some curious numbers about Bitcoin are rising! Today, we’re talking about how much power we spend to mine Bitcoins. According to the latest numbers, digital currency mining is said to use over $300,000 worth of electricity per day. That’s a lot of energy!

Since the beginning of Bitcoin, the mining process has been getting harder and this means that we need more and more energy each day to produce cryptocurrency. It’s no wonder as we have already seen the kind of computer that miners need to create Bitcoins (if you didn’t catch these monster-like computers, here they are).

However, the website that gathers all the available data about Bitcoin mining, the page Blockchain.info, published an estimated electricity consumption that is shocking: 2,045.17 megawatts per hour!

Just make the math. This is a total of $306,774.97 per day.  Still, this isn’t the total cost, because the estimate doesn’t include the energy and resources needed to make the computers run, this is only the cost of the mining process.

Although the costs are relatively high, Bitcoin miners still make a profit. Not as much as in April, when cryptocurrency reached a peak, but they make it work.

Via coindesk.com

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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