Academic researchers at the University of Cambridge have launched a real-time index that tracks the total electricity consumption of the Bitcoin network.
The now-live Index - the Cambridge Bitcoin Electricity Consumption Index, or CBECI - gives an estimate of the total annualized energy consumption of the bitcoin network, updated every thirty seconds.
The researchers also provide a tool that compares BTC's consumption levels with other electricity use case, alongside a range of parameters to contextualize the live data.
As commentators on crypto twitter have already picked up, the CBECI indicates that the electricity wasted each year by always-on but inactive home devices in the U.S. alone could apparently power the Bitcoin network for 4 years.
Conversely, the amount of power consumed by the Bitcoin network in one year could power all tea kettles used to boil water for 11 years in the United Kingdom, and 1.5 years in Europe.
Bitcoin accounts an estimated 0.24% of total electricity consumption worldwide annually, per CBECI. A graph comparing the network with the total power consumption of nation-states globally ranks bitcoin as the 43rd "Country" - consuming more power than a number of states including Romania, Denmark, Israel, Singapore, and Uzbekistan.
CCAF notes that it has constructed the index in a bid to provide objective and neutral data that can be used by policymakers, regulators, researchers, and others and contribute to the debate over the sustainability and environmental impact of bitcoin mining.
Few reliable estimates of the coin's power usage have until now existed, CCAF claims, as most provide only a one-time snapshot, motivating the need for a more comprehensive analysis of the crypto industry's carbon footprint.
As reported, clean energy advocates have hit back against the notion that high energy use is an Achilles heel for bitcoin, arguing that the debate needs to shift from electricity consumption by mining towards where that energy is produced and how it is generated.
Earlier this month, crypto investment products and research firm CoinShares published a study indicating that an estimated 74.1% of BTC mining is powered by renewable energy sources.
Energy Used by Idle Device in the U.S. Can Power Bitcoin For 4 Years
Udgivet den Jul 3, 2019
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.