3
May

Power Consumption Comparision

By Allison & Howard

Is There a Better Way?

Comparing the power consumption of an existing currency and an upcoming one is difficult without knowledge of the size of the new coin’s network.  An extremely efficient coin may dwarf the power consumption of an energy-hogging one if the efficient coin has a large network of miners and the inefficient one does not.

We need a more efficient POW coinTo attempt to provide a fair power consumption comparison between the Jewelz cryptocurrencies and current frontrunners like Bitcoin, Ethereum, and Monero, we have calculated the best-case energy consumption per existing address based on the following assumptions:

  1. Every address is owned by a different person
  2. Everyone with an address actively mines the currency
  3. Every miner uses top-of-the-line mining equipment
  4. Every miner mines 24/7We wanted Jewelz to be the first truly decentralized cryptocurrency that anyone can mine (not just the privileged few with access to supercomputers

While these assumptions are obviously invalid, they provide a lower bound on the amount of energy consumed on average per address in the network. This allows comparisons to be made with Jewelz where the network size is unknown but the maximum average power consumption per address can be calculated given the above assumptions.

Bitcoin

Currently, the most efficient ASIC miner for Bitcoin is the Antminer S9, which can perform 13.5 TH/s and consumes 1375 Watts [1].  

The hash rate of the Bitcoin network at the time of writing is 24,045,805,909 GH/s [2]. 

To calculate the number of Antminer S9s needed to achieve this hash rate, we use the following equation:

Ethereum

Currently, the Nvidia Titan V GPU is the most efficient GPU available for mining Ethereum [4].  It can perform 70.0 MH/s and draws 215 Watts [4].  The current hash rate of the Ethereum network is 262,514 GH/s [5].  To achieve this hash rate, the Ethereum network would need a minimum of:

Monero

Monero is a cryptocurrency designed to be mined on CPUs or GPUs only. Currently, the most efficient GPU for Monero mining is the AMD RX Vega 56, which can perform 1800 hashes per second and draws 160 W of power [7]. Currently the Monero network hash rate is approximately 918 MH/s [8]. The number of AMD RX Vega 56s needed to achieve this hash rate is:

Jewelz

Currently, the AMD Ryzen 1700 CPU is one of the most efficient available [9]. Its maximum energy consumption is 132 Watts [9], averaging 16.5 Watts per core. Since the serial proof of work algorithm used in Jewelz requires that only a single core can be used for mining, the maximum energy consumption per miner is 16.5 Watts assuming that all miners use top-of-the-line equipment.

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