As any asset that is scarce, the resources needed to produce them are high and the profitability is calculated based on resources spent, the value of the "mined" asset and the time it takes to mine one unit of the said asset. Bitcoin mining presumably requires 23 times less energy and resources as gold mining, the only difference is that one is digital and one is physical.
Based on information posted with Twitter , gold mining is 23 times more energy intensive than Bitcoin mining. The information also covers data on paper money and minting, banking systems, as well as authorities.
According to the stats, gold mining prices around $105 billion annually and absorbs around 475 million GJ while Bitcoin mining prices $4.5 billion and now absorbs 183 million GJ each year. Bitcoin has the cheapest intake in contrast to the other associations on the listing. Governments have the most energy in 5,861 million GJ in the price of about $27,600 billion. Next is banking strategies which have 2,340 million 1,870 billion.
Third, is gold mining followed by golden recycling at place four that absorbs 25 million GJ in the price of $40 billion. Occupying place five is paper money, also minting which absorbs $25 million in the price of $40 billion and Bitcoin is last on the list.
The stats gold mining vs Bitcoin mining are especially impressive since one of the significant arguments against the presence of Bitcoin continues to be its consumption of power and the costs involved that are termed as extravagant. Though there have been many scientific evidence that this isn't true, some people and authorities that are contrary to the very best cryptocurrency are adamant.
Through time, there were tales on how much power Bitcoin mining absorbs some asserting that the action absorbs more energy than 82 percent of all countries of the planet.
But, there are some positive stories on the action with some asserting it may be useful for the environment though the standards for the calculations isn't completely apparent.
