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Research has shown that Bitcoins high power consumption claims are Research has shown that Bitcoins high power consumption claims are

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Research has shown that Bitcoin’s high power consumption claims are grossly exaggerated.

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Bitcoin has many active and influential critics. At first, Bitcoin was a scam; now BTC is one of the national currencies of El Salvador. This then “facilitated illegal activities”, though cash is still a criminal’s best friend. Now activists say it’s an environmental disaster, another weak argument put forward by a small but vocal minority.

At the same time, according to a recent report published by Arcane Research, while the energy consumption of BTC mining has grown significantly in recent years, the industry still makes up a very small part of the total global volume.

Bitcoin miners currently use about 100 TWh of electricity per year. This figure accounts for about 0.06% of total global energy demand, which is very small.

The extraction of physical gold and, especially, the production of paper, requires much more energy.

Research has shown that Bitcoin's high power consumption claims are grossly exaggerated.

Arcane Research researcher Jaran Mellerud has modeled bitcoin’s energy consumption through 2040 at various asset prices. He listed the most significant components of his model:

  • bitcoin price;
  • transaction fees;
  • the percentage of income that is directed to cover the cost of electricity;
  • average price of electricity.

Mellerud derived the following formula:

Annual consumption of the bitcoin network = Bitcoin price * (block rewards + average transaction fee per block) * number of blocks mined per year * percentage of revenue spent on electricity / average electricity price in the mining industry

According to him, the market value of a cryptocurrency is the most important factor in determining the consumption of its network in the future.

“The price of Bitcoin multiplied by the block reward determines the industry-wide income of miners. It covers costs and generates profits. An increase in the price of a cryptocurrency increases the income of miners across the industry and their profits in the short term, ”the researcher noted.

Bitcoin miners mine 52,560 blocks per year. At the same time, according to Coin Metrics, historically, the average amount of transaction fees per block is 0.4 BTC.

The model assumes maintaining the indicator at 0.4 BTC until 2040. According to the researcher’s calculations, the share of commissions in miners’ income will reach 67% by this time. Halvings occurring every four years (the process of reducing the rate of generation of new units of cryptocurrency) will reduce the block reward to 0.195 BTC by 2040.

Research has shown that Bitcoin's high power consumption claims are grossly exaggerated.

On the other hand, historically, along with the price, energy consumption has always increased. Therefore, Bitcoin’s rally over the next couple of decades could really make the network a “global consumer.”

The researcher also modeled three scenarios:

  • bullish: the price of the cryptocurrency grows linearly to $2 million by 2040;
  • neutral: Bitcoin reaches $500,000 by 2040;
  • bearish: $100,000 by 2040.

Research has shown that Bitcoin's high power consumption claims are grossly exaggerated.

Even if it reaches $2 million by 2040, Mellerud calculates that the Bitcoin network will consume 894 TWh annually, about 10 times more than its current level.

“This is 0.36% of the estimated global energy consumption in 2040, which implies a significant increase from the current figure of 0.05%,” Mellerud said.

The neutral scenario assumes an annual energy consumption of 223 TWh, just over double the current meager level.

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Phones

What will the Pixel 7 and iPhone 14 have in common? New Google will be little different from its predecessor

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What will the Pixel 7 and iPhone 14 have in

It seems that the new generation of Pixel smartphones will differ little from the current models. At a minimum, according to recent data, this will affect the younger Pixel 7 model.

What will the Pixel 7 and iPhone 14 have in common?  New Google will be little different from its predecessor

According to insider Yogesh Brar, who at one time provided correct data about the Pixel 6, Pixel 7 will not receive any important differences from its predecessor. It will have the same 8 GB of RAM, the same 128 or 256 GB of flash memory, the same based camera with 50 and 12 MP sensors. The front camera will be new, but it’s an 11-megapixel sensor from the Pixel 6 Pro.

SoC Tensor G2 will also be new, but so far all data indicates that the processor part of this platform will be the same as that of the current Tensor, only with slightly increased frequencies. The screen will retain the resolution and frame rate of 90 Hz, but, unexpectedly, will become a little smaller: 6.3 inches versus 6.4 inches. Apparently, Google heard users and journalists who said that there is not much difference in size between the Pixel 6 and Pixel 6 Pro, and both feel large. True, it is not a fact that reducing the screen will lead to a decrease in size.

As for the battery, its capacity will allegedly be 4700 mAh, which is only slightly more than 4614 mAh for the Pixel 6.

As a result, the situation with the Pixel 7 will be similar to the iPhone 14, when there are very few differences from its predecessor, and there are no serious ones at all.

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Xiaomi to unveil Xiaomi 12T Pro with 200MP camera on October 4th

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Xiaomi to unveil Xiaomi 12T Pro with 200MP camera on

Xiaomi today revealed the date of its next global announcement: it will take place on October 4th. On this day, the premiere of the long-awaited Xiaomi 12T and Xiaomi 12T Pro is expected – new flagships for the global market.

Xiaomi to unveil Xiaomi 12T Pro with 200MP camera on October 4th

A feature of Xiaomi 12T Pro will be the presence of a 200-megapixel sensor. We have already written in more detail about Xiaomi 12T and Xiaomi 12T Pro. We also wrote about the budget Redmi Pad tablet – its official premiere is also expected on October 4th. Finally, on this day, the global debut of the Xiaomi Smart Band 7 Pro fitness bracelet should take place. The presentation turns out to be extensive, and this is certainly not a complete list of new Xiaomi and Redmi products that will debut next week.

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Software

Google Photos service began to spoil old photos

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Google Photos service began to spoil old photos

Numerous complaints from users of Google Photos (Google Photos) have appeared on the network. In the past few days, users have started noticing “artifacts” in older image backups.

Google Photos service began to spoil old photos

The problem seems to affect photos uploaded more than five years ago. The photo shows lines, dots, “deep cracks” and what looks like water stains that weren’t on the original downloads.

Google Photos service began to spoil old photos

One example

Judging by the complaints in the support section of the service, old images can get a variety of damage. However, users report artifacts in Google Photos on all platforms.

Interestingly, some users note that opening corrupted photos in the Google Photos image editor removes “artifacts”. This suggests that the original versions may not be corrupted. But we will have to wait until Google releases an official statement on this matter.

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