Bitcoin Energy Index was estimating that 100 of miner revenues (2.3B) were actually spent on electricity costs. The best machines of Bitmains competitors required at least 10 more power than the Antminer S9 per gigahash of computational power. Instead, the geographic distribution of mining facilities in the report is based on the common belief that most Bitcoin mining still takes place in China, several announcements of mining projects, and the work of Hileman and Rauchs discussed previously. If Bitcoin was a country, it would rank as shown below. Carbon footprint Bitcoins biggest problem is perhaps not even its massive energy consumption, but the fact most mining facilties in Bitcoins network are located in regions (primarily in China) that rely heavily on coal-based power (either directly or for the purpose of load balancing).
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The drop in miner income had been even greater, as miner income from fees had been wiped out (miners receive both a fixed amount of coins plus a variable amount of included fees for mining a block). Apart from the previous comparison, it also possible to compare Bitcoins energy consumption to some of the worlds biggest energy consuming nations. Energy consumption model and key assumptions Even though the total network hashrate can easily be calculated, it is impossible to tell what this means in terms of energy consumption as there is no central register with all active machines (and their exact power consumption). Ever since its inception Bitcoins trust-minimizing consensus has been enabled by its proof-of-work algorithm. If you find an article missing from this list please report it here, and it will be added as soon as possible.
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