Bitcoin and Altcoin Energy Consumption: Mining and Seasons of ChangeScroll Down
The launch of Bitcoin was supposed to be the beginning of the change in the economic markets with a decentralized approach bringing economic freedom to millions of people around the world. This goals of creating a fairer financial market and that of removing credit from the sector can be argued over, but the rise in energy consumption associated with Bitcoin and Altcoin mining cannot be argued over. A question needing to be answered is, when does coin mining energy consumption reach its peak? It can be difficult to get a clear picture of the energy consumption within the coin mining industry as the major corporations are loathed to reveal many of their operating details. However, estimates can be made about the level of energy consumption including the estimation of a single Bitcoin transaction using as much energy as a single home in Canada uses over the course of an average month. In terms of seasonal changes, many experts believe the average energy consumption for mining operations does indeed dip over the course of the Summer. There are many reasons being floated about why mining corporations see their energy consumption fall over the Summer months. One of the explanations for the lower use of energy is the fact energy costs are higher due to higher consumption during the warmer months of the year, leading to lower usage to reduce overhead costs for mining corporations. In general, it has been estimated the Bitcoin mining industry has been estimated to use around 0.33 percent of the world's energy as an average; this level of energy consumption can be compared to the average annual usage of the entire nation of Austria. The rise and fall of Bitcoin value can be measured alongside the energy use of mining groups. For example, a fall of 42 percent in Bitcoin value in February 2017 was accompanied by a huge rise in energy by Bitcoin mining corporations.