World’s Energy Consumption In Bitcoin Mining

 In Industry, Miners, News

World’s Energy Consumption In Bitcoin Mining

With cryptocurrency mining becoming more and more popular, the energy demanded is increasing. The current trend for Bitcoin mining energy consumption is to reach 0.5% of the world’s total energy by the end of 2018.

Why Bitcoin (BTC)

Bitcoin was the cryptocurrency which surged in price at the end of 2017; this lead to the market’s interest in cryptocurrency as they saw the huge potential of what it could become. Bitcoin is currently the highest valued cryptocurrency (as seen in the chart below) on the market pricing at $7144.91 as of today (May 29, 2018). With the price being so high, many users choose to mine this coin over the other cryptocurrency as they expect this coin to have the highest growth potential.

Cryptocurrency Price (May 29, 2018)
Price Taken from Coinranking as of May 29, 2018

Mining BTC

Currently, the most effective way to mine BTC is to use ASIC Miners. With the complexity of the algorithm using a GPU with a lower hash rate would not be worth your while. ASIC Miners with their high hash rate is a better investment in order to have a higher ROI.

The below image shows you a comparison regarding the power of ASIC compared to GPU and CPU Mining.

Crypto Mining Comparison
Image Taken from Hackermoon

You can still use a GPU miner to mine BTC but your return would not be worth your time; You should invest the energy and hash rate in other cryptocurrencies such as Ethereum (ETH).

Why You Should Start Now!

With the current market adoption, cryptocurrency, in general, is predicted to rise. The current state of BTC and crypto is in its infancy/adoption phase. During this phase of the market, the price is bound to fluctuate. The fluctuation is due to factors such as markets reluctance to new products/ideas, supply, and demand for related products, government regulations etc…

Once the market stabilizes and fully adopts the idea of cryptocurrency, the time to invest will be too late. Starting your mining farm is as simple as sending an email to MiningSky.

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