The Bitcoin boom has forced the mining sector to try and keep up, as the energy and effort put into mining a single coin is paying higher and higher. However, it’s also causing the mining sectorto go into overdrive seeking the elusive prize.
One way that miners have sought to gain an additional edge in the game is to try and cut their energy costs. It’s good for the miners, for Bitcoin and for the environment if energy usage plummets.
The cost of a Bitcoin
The Bitcoin mining industry consumes 22.5 TWh of energy annually, which is the equivalent of 13,239,916 barrels of oil. With 12.5 Bitcoins being mined every 10 minutes, that means the average energy cost of one Bitcoin equates to 20 barrels of oil.
It seems an inodramate [inordinate?] amount of oil to be spending on mining a digital currency, yet when considering the worth of one coin, which is now valued at more than 100 barrels of oil, it becomes understandable.
Read the full article here: How Much Oil Goes into One Bitcoin?