According to data, the Bitcoin mining industry utilizes slightly less energy overall than the video game industry.
According to a recent Arcane Research analysis, while BTC mining energy consumption has increased dramatically in recent years, the industry still accounts for a very small portion of the global total. Currently, Bitcoin miners consume approximately 100 TWh of electricity each year. This amount accounts for roughly 0.06% of total global energy demand, which is minimal.
According to the chart above, the video game business consumes approximately 105 TWh per year, somewhat more than BTC miners need.
Gold mining, on the other hand, requires far more electricity to operate, with an annual energy consumption of roughly 240 TWh, nearly 2.5 times that of Bitcoin mining.
The graph also contains data for paper production, which requires 2,361 TWh per year, 10 times that of gold mining and 24 times that of Bitcoin mining. The paper also claims BTC miners consume power differently than other energy-intensive enterprises.
Five main things make these miners the least energy consumers.
- About 80% of BTC mining operating costs are made up of electricity. This means miners have a lot of incentive to work with as little energy as possible or move to lower-priced regions.
- Miners can set up their facilities almost anywhere and thus use energy sources not used by anyone else because of the location limitations of other industries.
- Bitcoin miners can turn their machines on or off instantly. Not only that, they can even adjust their consumption by watts.
- Individual AISC machines can be clustered together in any number, thus making it possible for miners to scale their base precisely according to the amount of energy available. This shows that miners can utilize 100% of the excess energy from power projects.
- Finally, the mobility of mining rigs. Bitcoin miners can easily transport their machines to other locations thanks to their mobile AISC setups.
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