The data that the virtual currency "Bitcoin" causes the energy crisis is "unreliable" as an expert

In order to mining and to get bit coins, we use high-performance machines and require a lot of energy. From this, it is also believed that bit coins will have a major impact on the energy market since 2018, but experts point out that "data currently being published is unreliable" regarding these movements.

No, bitcoin is not likely to consume all the world's electricity in 2020
https://www.cnbc.com/2017/12/21/no-bitcoin-is-likely-not-going-to-consume-all-the-worlds-energy-in-2020.html

In bit coin mining, calculation resources are used for decryption work, and bit coin is provided to those who succeeded in solving more hash functions. And since the amount of newly issued bit coins is determined in advance, in order to receive more bit coin allocation, those who are called "minor" using high-performance dedicated machines can calculate their computing abilities Hurdles to get more bit coins will rise as they increase.

Virtual currency The enormous amount of power for the Bitcoin system may make it difficult to maintain the system itself - GIGAZINE


In other words, to maintain the bit coin system, a lot of energy is required, and the energy cost required to maintain the financial transaction by the bit coin isMore than 5000 times when using VISA credit cardEstimates are also being made.

In such circumstances, Digiconomist announced bit coin energy consumption index.

Bitcoin Energy Consumption Index - Digiconomist
https://digiconomist.net/bitcoin-energy-consumption


According to Digieconomist, bit coins use energy at a pace of 32 terawatts per year, which is equivalent to 3 million homes in the United States. And since the energy consumption has increased by 22% from November to December, the power consumption of the bit coin network will remain the same as the power used by the whole world as of 2017 in 2020 It has also been pointed out that it is equivalent and "unsustainable".

The prediction of Digiconomist has become a big topic, quoted by many media and journalists. However, according to CNBC, Analysis of Digiconomist is based on power consumption data of bit coins whose doubt about truth, and some energy researchers and IT researchers question the correctness of prediction.

As of 2017, bit coin mining is done in data centers located in Iceland and Mongolia. However, so far, there is no reliable data that measures how much power is being used to create the cryptographic currency. In order to measure power consumption, it is firstly necessary to gather data on the hardware used in the data center, but no one is collecting data.

Infiltrate the world's largest mining plant digging Bitcoin, a virtual currency that continues to soar, to approach the horrific reality of mining sites that overwhelm 25,000 machines - GIGAZINE


MIT Sloan School of ManagementAssociate professor Christian Catalini who studies on block chain technology at "I think that many of the predictions you will see now are based on very weak assumptions." Unless we collect data on how much power actually is being used from minors, "I do not think anyone can make reliable claims about bit coins".

While researchers question the reliability of data, Digiconomist 's energy consumption metrics are expanding all over the world. Nomura Securities forecasts that bit coin will have an impact on the energy market in 2018, but the number of bit coin energy consumption paced by Nomura Securities "33.2 Terawatt / hour" comes from Digiconomist.

According to CNBC, it is the Digiconomist 's energy consumption indexPricewaterhouseCoopersAt 28 years old Alex de Vries who worked as a consultant at the time, in 2014 Vries launched Digiconomist as a hobby. Mr. Vries was originally an expert on data and risk analysis on block chain technology, but he has no experience of learning energy economy.

Jonathan Koomey, a lecturer at Stanford University who studies the electricity usage of IT equipment, also said that Digiconomist's data is determining energy consumption based on minor revenues and expenses, "fundamental defect", "energy · If you are an analyst, I will not do something like this. " Also,sustainabilityJens Malmodin, an expert on experts on digiconomist, said that the energy consumption of bit coins shown by Digiconomist was greater than the combined energy consumption of Google, Amazon, Microsoft, Facebook, Apple in recent years, It is not like that. "

Actually, the same thing happened in the mid-1990s, and at that time research results that electricity consumption will splash by using the Internet was announced. However, in fact research was crowded with the share of electricity consumption in the United States.

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One of the teams who revealed this fact is Koomey. Mr. Koomey says that the same pattern appears in Digiconomist's data. Because we incorporate the high growth rate associated with new technology into the future image, we figure out abnormal figures. Even with the index on energy consumption issued when the Internet appeared, the initial growth rate gradually became gentle as the Internet became widespread. This point, "the growth rate is relaxing" is missing in Digiconomist.

It is unknown what to wait for the growth rate of bit coin energy consumption, but "regulation that energy consumption should be reduced" "price of bit coin" etc is considered as its possibility. Also, as Digiconomist predicts correctly, the power consumption of bit coins is only 1% of the demand seen worldwide, so when considering the influence of bit coins, it is important that Koomey The researchers warned.