Wydobycie złota zużywa więcej…

Wydobycie złota zużywa więcej energii niż wydobycie bitcoina. Główny koszt wydobycia złota to spalana ropa.
Szcunkowo wydobycie złota zużywa 0,27% światowego zużycia ropy.

Ode mnie: Bitcoin można wydobywać bez względu na lokalizację a najtańsza energia pochodzi ze źródeł odnawialnych. Najczęściej z zapór wodnych w USA, Chinach i Rosji. Wydobycie złota zużywa więc dużo więcej energii, prawie samej brudnej w przeciwieństwie do Bitcoina.

Physical gold mining is far more resource-intensive than Bitcoin mining. While there are ample statistics on the global gold mining industry, such “top-down” data does not include information on resource utilization. It is time-consuming to estimate global gold mining resource utilization using a “bottom-up” methodology. This would require analyzing financial statements of all significant publicly reporting gold mining companies. As a rough approximation, I have projected data taken from Barrick Gold Corporation (the world’s largest gold mining company) onto the global gold mining industry.

In 2017, Barrick produced 5.3 million oz. of gold. Page 32 of Barrick’s 2017 annual report discloses gold production cost of $794/oz., or $4.2 billion. Each year approximately 88 million oz. of gold are mined worldwide. Assuming Barrick’s $794 cost/oz., it cost $70 billion per year to mine the world’s gold production. While Barrick does not directly disclose the use of energy in gold mining, there are clues in its annual report. Most of Barrick’s direct energy costs are diesel fuel. Page 40 of its 2017 annual report shows $346 million of 2018 future crude oil exposure at $78/bbl. If we use current forward prices of $65/bbl, we come up with $288 million per year of energy costs, or $54/oz. in oil costs, for Barrick.

If we assume the world gold industry has a similar cost structure, we can estimate $4.8 billion in energy costs for the gold mining industry. Barrick has a world-class portfolio of low-cost mines. Let’s assume that the global cost average is 25% higher than Barrick. That would imply $6.0 billion of energy cost, and $87.3 billion of total annual costs.

To summarize, gold mining’s $6.0 billion of direct energy usage is about 92 million barrels annually ($6.0 billion/$65 bbl). The world consumes about 34 billion barrels annually. That means gold mining direct energy costs (diesel fuel) are about 0.27% of worldwide oil consumption. Bitcoin, in comparison uses about 0.07% of worldwide electricity capacity.


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