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Zheng said there were also mining farms that lured miners with the promise of cheap electricity rates but then jacked up the price after they set up machines. To put the energy consumed by the Bitcoin network into perspective we can compare it to another payment system like VISA for example. In this study, they identified facilities representing roughly half of the entire Bitcoin hash rate, with a total lower bound consumption of megawatts. Download data. The market is currently bearish — block rewards are always subject to change. If you want to maximize your profitability, purchase the most efficient ASIC and mine where electricity is cheap. There is no undo! He added another long-time issue in the industry is a lack of self-governance to protect miners from bad actors, which is an area where the Mining Sea organization aims to improve on by updating their members about any bad conduct from mining farms if found. Reuse this content About The Economist. …