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> ~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
by 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 agoYou 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.