Tuesday, 16 April 2013

Bitcoin miners generating high energy bills http://www.energy-broker.co.uk/bitcoin-miners-generating-high-energy-bills/

Bitcoin is facing fresh scrutiny after a report revealed the power requirements of the currency’s miners.

Tracking website Blockchain logged 982 megawatt hours of electricity consumption over a 24-hour period by Bitcoin miners around the world.

According to Bloomberg, that is enough to power 31,000 homes in the US. Watchdog Ofgem claims the average UK household uses 3.3MwH per year.

Blockchain said the rough cost of that amount of power was $147,000 (£95,000).

However, it also suggested profits of $681,000 (£444,000) may have been made as a result of the mining.

Bitcoins are earned online by completing difficult computing tasks.

via BBC News – Bitcoin miners generating high energy bills.

Bitcoin miners generating high energy bills

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