It takes a lot of energy to mine Bitcoin. That’s not just because of the computational power needed to solve the math problems that generate each new block of Bitcoin.
It’s also because of the electricity required to run the powerful computers that do the mining.
In total, it is estimated that all Bitcoin mining uses as much electricity as Denmark. That’s a lot! And it’s only going to grow as Bitcoin becomes more popular.
How much does it cost to mine one Bitcoin? As of July 2019, the answer is $4,200. This means that for each Bitcoin you generate, you will also generate $4,200 worth of heat that needs to be cooled by your computer.
And remember, this number is only going to go up as time goes on.
So, how many miners does it take to mine one Bitcoin? The answer is somewhere around 1,000. This number will vary based on the efficiency of the miners and the electricity costs in their area.
But 1,000 is a good estimate of how many people are actively mining Bitcoin at any given time.