Crypto

How Much Power Does Bitcoin Network Consume? Here’s What Glassnode Estimates

Here’s some information from Glassnode that exposes price quotes connected to the power usage of the Bitcoin network, if all miners utilized the exact same mining makers.

Bitcoin Network Best-Case Scenario Would Be 4.8x More Efficient Than Worst-Case

As per the on-chain analytics company Glassnode, the power price quotes are based upon the present hashrate of the BTC network. The “mining hashrate” is an indication that determines the overall quantity of calculating power linked to the Bitcoin blockchain today.

In the real life, this hashrate is contributed by miners spread out around the world, who all have various scenarios and environments to handle that lead to various earnings margins for each of them. The readily available capital with each miner can likewise be rather various, so just the biggest business can pay for to update their centers to the current and most effective rigs.

All these distinctions lead to a really varied network, where a big range of mining rigs would remain in usage in between the miners, and even throughout the exact same center, the makers might be a mix of old and brand-new designs.  This undoubtedly makes it rather difficult to determine a real power usage price quote for Bitcoin, so what Glassnode has actually done is determine the power of the network by presuming a uniform blockchain, for 4 various mining rigs. The listed below chart screens this information.

Looks like the worst-case circumstance takes in almost 24 GW in power | Source: Glassnode

The 4 makers utilized here are S9, S17, S19 Pro, and S19 XP Hyd from the Antminer series. Released in 2017, the S9 is the least effective device out of these, so the power usage figure for the Bitcoin network if the whole hashrate was from S9 alone offers an approximate upper bound of practically 24 Gigawatt (GW). On the other hand, the best-case circumstance (the S19 XP Hyd, introduced this year) would put the figure at around 5 GW. Naturally, both these bounds are simply theoretical and are extremely not likely to be a representation of the genuine blockchain.

The real power usage figure is most likely near the 7 GW and 11 GW price quotes of the other 2 makers (S17 and S19 Pro, respectively). In reality, these hashrate-based figures are close to the Cambridge Bitcoin Electricity Consumption Index, which puts the approximated power at around 10 GW.

With these price quotes for the various mining rigs, Glassnode has likewise showcased the effectiveness gains included with these makers. Compared to if the network had just S9, the S17 circumstance would be 2.2x more effective, while S19 Pro would be 3.3x. The S19 XP Hyd, the very best case, is around 4.8x more effective.

BTC Price

At the time of composing, Bitcoin’s rate drifts around $16,800, down 5% in the recently.

Bitcoin Price Chart

BTC continues to combine | Source: BTCUSD on TradingView

Featured image from Brian Wangenheim on Unsplash.com, charts from TradingView.com, Glassnode.com



Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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