{"id":3628,"date":"2018-04-08T17:03:50","date_gmt":"2018-04-08T17:03:50","guid":{"rendered":"http:\/\/www.newmoneyreview.com\/?p=3628"},"modified":"2019-02-08T16:12:12","modified_gmt":"2019-02-08T15:12:12","slug":"heat-rises-over-cryptocurrencies-energy-costs","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2018\/04\/08\/heat-rises-over-cryptocurrencies-energy-costs\/","title":{"rendered":"Heat rises over cryptocurrencies\u2019 energy costs\u00a0"},"content":{"rendered":"

\"\"<\/h4>\n

If cryptocurrencies have a natural tendency to polarise opinion between their supporters and their critics, there\u2019s one topic guaranteed to send temperatures rising\u2014the energy consumption associated with the maintenance of the bitcoin and other cryptocurrency networks.<\/h4>\n

The miners responsible for maintaining the bitcoin blockchain\u2014the immutable record of transactions in the currency since its inception\u2014currently consume about 44 terawatt hours of electricity a year, according to researchers at Digiconomist. If bitcoin were a country, this would place it at around 50th<\/sup> in a list of the world\u2019s most intensive energy consumers.<\/p>\n

Bitcoin\u2019s annual energy consumption<\/h4>\n

\"\"<\/p>\n

Source: Digiconomist, Bitcoin Energy Consumption Index<\/p>\n

\u201cImagine,\u201d the UK\u2019s New Scientist <\/i>publication wrote in November<\/a>, \u201cyou discovered that in order to mint the coins and print the banknotes in your wallet, your country\u2019s central bank employed vast numbers of people to push boulders up hills and let them roll down again.\u201d<\/p>\n

\u201cIf bitcoin fulfils its ambition to compete with, or even supersede, regular currencies issued by central banks, its wastefulness would amount to a scandal,\u201d the magazine wrote in its leader column.<\/p>\n

\u201cBy 2020 bitcoin will be using as much energy as the USA. It\u2019s completely and utterly unsustainable,\u201d Catherine Mulligan, co-director of the Imperial College Centre for Cryptocurrency Research and Engineering, said in an interview<\/a> with BBC World Service in December.<\/p>\n

To calculate the bitcoin network\u2019s energy consumption, Digiconomist uses a top-down view, effectively extrapolating from the market price of the currency to estimate the blockchain\u2019s power usage.<\/p>\n

\u201cBy 2020 bitcoin will be using as much energy as the USA. It\u2019s completely and utterly unsustainable.\u201d<\/p><\/blockquote>\n

In its calculations, Digiconomist assumes that 60 percent of miners\u2019 revenues\u2014a figure that can be calculated from the current market value of the fixed coin reward accruing to the miner that calculates each new block in the chain, plus the aggregate transaction fees embedded in the block\u2014is set aside for operational costs.<\/p>\n

This amount is then converted, using a notional wholesale electricity price of 5 cents per kilowatt hour, into an assumed energy consumption rate.<\/p>\n

Digiconomist says its method recognises the fact that calculating power usage from the bottom up\u2014working out how many miners participate in the network, where they are located, how efficient they are and how much they pay for their energy\u2014is guesswork.<\/p>\n

By its nature, the bitcoin network has no central records. Bottom-up estimates of bitcoin\u2019s energy usage also fail to take into account the costs of hardware and of cooling equipment.<\/p>\n

Other economists have produced lower estimates of the bitcoin blockchain\u2019s energy consumption rate. Researcher Marc Bevand, for example, uses a bottom-up analysis<\/a> to arrive at a January 2018 estimate of 18 terawatt hours per year, 60 percent lower than Digiconomist\u2019s estimate.<\/p>\n

For some critics, any energy incurred on maintaining a cryptocurrency network is wasted.<\/p>\n

\u201cThe proposed use cases of cryptocurrencies don\u2019t justify the energy waste,\u201d said Jordan Pearson, a cryptocurrency reporter and associate editor at VICE, speaking on BBC World Service in December.<\/p>\n

\u201cIt seems less and less likely that bitcoin is going to be a way to pay for things. Instead, we now see people cheering bitcoin\u2019s main function as a store of value. Quite honestly, I can\u2019t think of a more damning indictment of how our economy creates value than just parking money in a system that is spun up out of unvarnished environmental waste.\u201d<\/p>\n

Others take a more nuanced view, pointing out that all monetary systems involve trade-offs.<\/p>\n

\u201cAny non-reversible computation, like the hash function used by bitcoin, consumes energy. So energy consumption is an inevitable fact of doing bitcoin mining,\u201d says Joseph Bonneau, a postdoctoral researcher at Stanford University.<\/p>\n

\u201cBut there\u2019s a parallel to traditional mining: open-pit mines, used to source commodities such as gold, have been a huge source of concern for environmentalists over the years,\u201d adds Bonneau.<\/p>\n

\u201cEnergy consumption is an inevitable fact of doing bitcoin mining.\u201d<\/p><\/blockquote>\n

In an article<\/a> published in the St Louis Fed Q1 2018 quarterly review, researchers Aleksander Berentsen and Fabian Sch\u00e4r of Basel University\u2019s Centre for Innovative Finance pointed out that the world\u2019s fiat currency systems also carry important costs.<\/p>\n

Although some criticise bitcoin for its use of massive amounts of computational power, say Berentsen and Sch\u00e4r, \u201cfrom our perspective, the situation is not so clear-cut. Centralized payment systems are also expensive. Besides infrastructure and operating costs, one would have to calculate the explicit and implicit costs of a central bank.\u201d<\/p>\n

\u201cSalary costs should be counted among the explicit costs and the possibility of fraud in the currency monopoly among the implicit costs. Moreover, many cryptoassets use alternative consensus protocols, which do not (solely) rely on computational resources.\u201d<\/p>\n

\u201cBail-outs and bail-ins are implicit costs of a centralised banking system.\u201d<\/p><\/blockquote>\n

One can expand the cost-benefit analysis to include the costs to taxpayers of central bank-led interventions to head off financial crises, say Berentsen and Sch\u00e4r.<\/p>\n

\u201cBail-outs (as well as bail-ins\u2014think Cyprus) are [also] implicit costs of a centralised banking system,\u201d they told New Money Review<\/i>.<\/p>\n

\u201cThe problem is that implicit costs are very hard to measure, especially when compared to something which can be estimated as easily as the cost of proof-of-work mining.\u201d<\/p>\n

Fiat currency systems may incur heavy human costs as well. In 2011, one researcher<\/a> drew a direct parallel between the food price rises caused by the Federal Reserve\u2019s quantitative easing programme, introduced to combat the effects of the 2008\/09 financial crisis, and the \u201cArab spring\u201d revolutions triggered that year.<\/p>\n

Meanwhile, bitcoin mining has moved from being an activity easily conducted on a laptop at home, something possible in the currency\u2019s early days in 2010\/2011, to a highly specialised industrial operation, involving racks of specially designed computers operating in parallel.<\/p>\n

\"\"<\/p>\n

A bitcoin mining farm<\/i><\/p>\n

Source: 1stminingrig.com<\/p>\n

Cryptocurrency commentator Matt Odell cites China, traditionally a centre of bitcoin mining, as an illustration of the changing economics of this activity. Some critics have associated bitcoin mining in China with dependence on electricity produced at heavily polluting coal-fired stations<\/a>.<\/p>\n

\u201cAlthough China has a huge coal industry, the miners are now mostly situated near hydro-electric dams,\u201d says Odell.<\/p>\n

\u201cThis is because hydro producers have trouble storing electricity\u2014they have roll-off times where the extra hydro power is priced very cheaply, say at 2 or 3 cents per kilowatt hour. In major US cities, by comparison, the price of electricity is 18-20 cents per kilowatt hour,\u201d says Odell.<\/p>\n

\u201cAs China is now cracking down on bitcoin exchanges and the mining industry, largely because of concerns about bitcoin potentially undermining the country\u2019s capital controls, some miners are now moving to Canada, where they also have access to cheap hydro-electric power, as well as being offered tax breaks by the government,\u201d says Odell.<\/p>\n

\u201cTo have a secure, decentralised global financial network is a better use of electricity than most we can think of.\u201d<\/p><\/blockquote>\n

Meanwhile, says Odell, the mining industry is reaping the benefits of technological advances.<\/p>\n

\u201cThe efficiency of mining hardware is rising constantly and equipment is out of date after six months. And none of the big chip manufacturers have really entered the market yet.\u201d<\/p>\n

Odell, like many bitcoin supporters, turns the accusations of bitcoin\u2019s energy wastage on their head.<\/p>\n

\u201cThis could be one of the biggest paradigm shifts in the last hundred years. To have a secure, decentralised global financial network is a better use of electricity than most we can think of.\u201d<\/p>\n

And, says one computer scientist, bitcoin mining could have a revolutionary impact on the structure of global energy production.<\/p>\n

\u201cBitcoin mining is performing valuable global arbitrage. It converts energy that would otherwise be wasted into a store of value.\u201d<\/p><\/blockquote>\n

\u201cBitcoin mining is one of the few industries that is completely geographically independent,\u201d says Andreas Antonopoulos<\/a>.<\/p>\n

\u201cYou can choose the location of your mining system based on the cheapest source of electricity. Around the world, the places and times where electricity are needed are almost never the places and times where the energy is available. Mining is performing valuable global arbitrage and is helping convert energy that would otherwise be wasted into a store of value.\u201d<\/p>\n

\u201cThe decentralisation of bitcoin is driving the decentralisation of energy production, which could be one of the most important trends in human history.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

If cryptocurrencies have a natural tendency to polarise opinion between their supporters and their critics, there\u2019s one topic guaranteed to send temperatures rising\u2014the energy consumption associated with the maintenance of […]<\/p>\n","protected":false},"author":4,"featured_media":3633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1053,1011],"tags":[1034,1051,1052],"class_list":{"0":"post-3628","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-featured-1","9":"category-value","10":"tag-bitcoin","11":"tag-energy-consumption","12":"tag-energy-costs"},"yoast_head":"\nHeat rises over cryptocurrencies\u2019 energy costs\u00a0 - 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