3 ms·

I took the 22% figure from an article that referenced an overview produced by the University of Cambridge, available here: https://ccaf.io/cbeci/mining_map http

I took the 22% figure from an article that referenced an overview produced by the University of Cambridge, available here: https://ccaf.io/cbeci/mining_map https://ccaf.io/cbeci/mining_map I see now that their most recent figure has changed to 18.1%. The electrical power figure was then calculated based on the total global power consumption published in the Bitcoin Energy Consumption Index: https://digiconomist.net/bitcoin-energy-consumption/ https://digiconomist.net/bitcoin-energy-consumption/

adolph 5y ago
> ~22% of Bitcoins hashrate (~45 TWh/year of electricity) It looks like Kazakh total energy consumption is 861 Kwh [0] and total elecricity is 104 TWh. Is it realistic for 43% of a country's electricity to be going to Bitcoin? If that were true, what sort of infrastructure would be developed? Datacenters colocated with coal plants? Over less than a year, Kazakh average monthly hashrate share went from 5% to 18%, increase of >260%. Given 2020 utilization of 104 Kwh with 12.5 Kwh going to Btc ((5/18)45=12.5), then current (no pun intended) utilization with 18% hashrate share would be 136 Kwh (104+45-((5/18)45)). Is it reasonable for a country to increase electric generating capacity by 30% to support bitcoin? Oct'20: 4.77% Nov'20: 5.35% Dec'20: 6.17% Jan'21: 6.71% Feb'21: 7.65% Mar'21: 8.19% Apr'21: 7.37% May'21: 8.80% Jun'21: 13.79% Jul'21: 18.10% 0. https://ourworldindata.org/energy/country/kazakhstan https://ourworldindata.org/energy/country/kazakhstan
- codebolt 5y ago
  You make a valid criticism. The estimates I've used are likely upper range. But even if we're off by a factor of 1/2 (which I don't believe) I feel the point being made still stands. It also seems the increase in hashrate coincides with China banning Bitcoin mining? That likely puts a skew on the numbers, although I'm not immediately sure which way.

adolph 5y ago

> ~22% of Bitcoins hashrate (~45 TWh/year of electricity) It looks like Kazakh total energy consumption is 861 Kwh [0] and total elecricity is 104 TWh. Is it realistic for 43% of a country's electricity to be going to Bitcoin? If that were true, what sort of infrastructure would be developed? Datacenters colocated with coal plants? Over less than a year, Kazakh average monthly hashrate share went from 5% to 18%, increase of >260%. Given 2020 utilization of 104 Kwh with 12.5 Kwh going to Btc ((5/18)45=12.5), then current (no pun intended) utilization with 18% hashrate share would be 136 Kwh (104+45-((5/18)45)). Is it reasonable for a country to increase electric generating capacity by 30% to support bitcoin? Oct'20: 4.77% Nov'20: 5.35% Dec'20: 6.17% Jan'21: 6.71% Feb'21: 7.65% Mar'21: 8.19% Apr'21: 7.37% May'21: 8.80% Jun'21: 13.79% Jul'21: 18.10% 0. https://ourworldindata.org/energy/country/kazakhstan https://ourworldindata.org/energy/country/kazakhstan

codebolt 5y ago
You make a valid criticism. The estimates I've used are likely upper range. But even if we're off by a factor of 1/2 (which I don't believe) I feel the point being made still stands. It also seems the increase in hashrate coincides with China banning Bitcoin mining? That likely puts a skew on the numbers, although I'm not immediately sure which way.