Many people get carried away by the bad road for statements such as ‘Bitcoin takes in more energy than a small nation,’ or ‘Bitcoin Eclipsan carbon emissions in a million times those of a single visa transaction’. These types of statements often fell the flames of this discussion. However, a recent study reveals that extracting a BTC is cheaper than a domestic activity.
According to Coingcko data, the average cost of domestic electricity necessary to extract a single bitcoin is $ 46,291. This marks an increase of 35% compared to the average daily price of 1 BTC in July 2023, which amounted to $ 30,090. However, it is essential to recognize that these figures may vary significantly between different geographical regions.
The amount of energy units used during the BTC extraction process in an hour may not be as different as expected. This is particularly true when typical appliances are juxtaposed. While the consumption of electricity per hour to extract a bitcoin exceeds that of a staff computer for games, an air conditioning, a leaf blower, and even an electric boil, it is worth noting that drying the clothing consumes significantly more electricity than mining than mining than mining of BTC. Dry Take in a total of 5 kWh, while BTC mining uses 4.6 kWh.
Is Extracting Bitcoin at Home a Good Option?
Bitcoin mining using a personal computer has lost profitability due to several factors. A main component is the substantial increase in the level of mining difficulty over the years. As the mining community grows with more participants, the level of difficulty increases, which makes it more difficult for people to extract Bitcoin and receive rewards.
In addition, the use of dedicated mining components is a challenge for the profitability of Bitcoin mining. ASIC are designed for Bitcoin mining. It has a significantly greater processing power compared to a standard domestic computer. They have the ability to extract BTC at a substantially faster rate than a typical domestic computer. Consequently, this creates a formidable barrier for individual miners to remain competitive.
In addition, most ASICs are acquired in mass by large Bitcoin mining operations, which generates supply limitations and high costs for individual miners.
By Audy Castañeda
