Total volume of bitcoins

Bitcoin Trade Volume — Analysis of Real Bitcoin Trade Volume from Bitwise.
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LocalBitcoins Volume Charts

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Bitcoin Q\u0026A: The 21 Million Supply Cap

Further related statistics. Further Content: You might find this interesting as well. Learn more about how Statista can support your business. February 15, Number of Bitcoins in circulation worldwide from October to February 14, in millions [Graph]. In Statista. Accessed March 28, Statista Inc.. Accessed: March 28, Our services Click the question mark for further information.

Purchase now. This number can subsequently be applied to a power consumption estimate of the Bitcoin network to determine its carbon footprint. In this study, they identified facilities representing roughly half of the entire Bitcoin hash rate, with a total lower bound consumption of megawatts. Chinese mining facilities were responsible for about half of this, with a lower bound consumption of megawatts. The table below features a breakdown of the energy consumption of the mining facilities surveyed by Hileman and Rauchs.

This number is currently applied to determine the carbon footprint of the Bitcoin network based on the Bitcoin Energy Consumption Index.

Bitcoin Transactions Per Day

One can argue that specific locations in the listed countries may offer less carbon intense power. In Bitcoin company Coinshares suggested that the majority of Chinese mining facilities were located in Sichuan province, using cheap hydropower for mining Bitcoin. The main challenge here is that the production of hydropower or renewable energy in general is far from constant.

In Sichuan specifically the average power generation capacity during the wet season is three times that of the dry season. Because of these fluctuations in hydroelectricity generation, Bitcoin miners can only make use of cheap hydropower for a limited amount of time. Using a similar approach, Cambridge in provided a more detailed insight into the localization of Bitcoin miners over time. Charting this data, and adding colors based on the carbon intensity of the respective power grids, we can reveal significant mining activity in highly polluting regions of the world during the Chinese dry season as shown below.

On an annual basis, the average contribution of renewable energy sources therefore remains low. It is important to realize that, while renewables are an intermittent source of energy, Bitcoin miners have a constant energy requirement. A Bitcoin ASIC miner will, once turned on, not be switched off until it either breaks down or becomes unable to mine Bitcoin at a profit.

Because of this, Bitcoin miners increase the baseload demand on a grid. In the latter case Bitcoin miners have historically ended up using fossil fuel based power which is generally a more steady source of energy. With climate change pushing the volatility of hydropower production in places like Sichuan, this is unlikely to get any better in the future. To put the energy consumed by the Bitcoin network into perspective we can compare it to another payment system like VISA for example. According to VISA, the company consumed a total amount of , Gigajoules of energy from various sources globally for all its operations.

We also know VISA processed With the help of these numbers, it is possible to compare both networks and show that Bitcoin is extremely more energy intensive per transaction than VISA. The carbon footprint per VISA transaction is only 0.

How Many Bitcoins Will Ever be Created?

But even a comparison with the average non-cash transaction in the regular financial system still reveals that an average Bitcoin transaction requires several thousands of times more energy. More energy efficient algorithms, like proof-of-stake, have been in development over recent years.


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In proof-of-stake coin owners create blocks rather than miners, thus not requiring power hungry machines that produce as many hashes per second as possible. Because of this, the energy consumption of proof-of-stake is negligible compared to proof-of-work. Bitcoin could potentially switch to such an consensus algorithm, which would significantly improve environmental sustainability.

The only downside is that there are many different versions of proof-of-stake, and none of these have fully proven themselves yet. Nevertheless the work on these algorithms offers good hope for the future. Even though the total network hashrate can easily be calculated, it is impossible to tell what this means in terms of energy consumption as there is no central register with all active machines and their exact power consumption.

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This arbitrary approach has therefore led to a wide set of energy consumption estimates that strongly deviate from one another, sometimes with a disregard to the economic consequences of the chosen parameters. The Bitcoin Energy Consumption Index therefore proposes to turn the problem around, and approach energy consumption from an economic perspective.

The index is built on the premise that miner income and costs are related. Since electricity costs are a major component of the ongoing costs, it follows that the total electricity consumption of the Bitcoin network must be related to miner income as well. To put it simply, the higher mining revenues, the more energy-hungry machines can be supported.

How the Bitcoin Energy Consumption Index uses miner income to arrive at an energy consumption estimate is explained in detail here also in peer-reviewed academic literature here , and summarized in the following infographic:. Note that one may reach different conclusions on applying different assumptions a calculator that allows for testing different assumptions has been made available here. The chosen assumptions have been chosen in such a way that they can be considered to be both intuitive and conservative, based on information of actual mining operations.

In the end, the goal of the Index is not to produce a perfect estimate, but to produce an economically credible day-to-day estimate that is more accurate and robust than an estimate based on the efficiency of a selection of mining machines. Annualized Total Footprints Carbon Footprint. Electrical Energy. Electronic Waste.