The Average Electrical Costs To Mine Just One Bitcoin, Broken Down By State, Are Staggering

by 5 months ago
Electrical Costs Mine One Bitcoin State

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One of the things lost in all the bitcoin hoopla, from the massive swings in value to hackers wreaking havoc and all the doomsday predictions, is the fact that thee rise of bitcoin and other cryptocurrencies also mean massive electricity consumption.

Back in December, Ars Technica published an article on bitcoin in which they cited one estimate by Digiconomist that suggests the Bitcoin network is consuming as much energy as the country of Denmark.

By the site’s calculations, each Bitcoin transaction consumes 250kWh, enough to power homes for nine days.

Naturally, this is leading to concerns about sustainability. Eric Holthaus, a writer for Grist, projects that, at current growth rates, the Bitcoin network will “use as much electricity as the entire world does today” by early 2020. “This is an unsustainable trajectory,” he writes.

Now, a new study by Crescent Electric has revealed the average electrical costs to mine just one bitcoin in each of the 50 states and the numbers are staggering.

The data they used is the average of three popular mining rigs (AntMiner S9, AntMinerS7, and Avalon 6) and their power consumption and time to mine one bitcoin. Then, that was multiplied by the average electricity rate (residential) in each state, taken from government data, to get the final cost.

Here are the top 10 states with the highest average electrical cost per bitcoin mined.

1. Hawaii — $9,483 per bitcoin mined.
2. Alaska — $7,059 per bitcoin mined.
3. Connecticut — $6,951 per bitcoin mined.
4. Massachusetts — $6,674 per bitcoin mined.
5. New Hampshire — $6,425 per bitcoin mined.
6. California — $6,200 per bitcoin mined.
7. New York — $6,151 per bitcoin mined.
8. Rhode Island — $5,850 per bitcoin mined.
9. Vermont — $5,847 per bitcoin mined.
10. Maine — $5,220 per bitcoin mined.


TAGSbitcoinCryptocurrencyelectricityFinanceMoneyStudies

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