Bitcoin is the most popular cryptocurrency to date and has not only hit all-time highs in recent months Break energy records it means.
Bitcoin would be the 27th most energy consuming nation in the world if it were a country
The implementation of the Bitcoin buying and selling transactions It grows. The practice of mining – as this process is called – requires internet users who, thanks to blockchain technology, voluntarily record market movements in a decentralized manner. This entire process requires enormous amounts of energy to produce bitcoins and conduct transactions.
So much so that Bitcoin’s energy consumption exceeds that of many countries Industrial company, and it also multiplies the total energy consumption of two large tech companies by up to 10: Google and Facebook.
According to data from the University of Cambridge’s Bitcoin Electricity Consumption Index, Bitcoin consumes an estimated 143 terawatt hours (TWh) of electricity per year. This figure corresponds to 0.65% of the world’s electricity consumption per year.
In addition, Bitcoin’s power consumption is ten times more than what Facebook needs to serve its 2.85 billion users worldwide, and Google to keep all searches and online processes it manages (Gmail, YouTube, etc.) perform.
According to this report Google only needs 12 terawatt hours (TWh) Electricity per year, while Facebook needs 5 TWh. Compared to the 143 terawatt hours that Bitcoin requires, the number is considerably higher.
In fact, Bitcoin uses more energy than many countries in the world. For example, Norway uses around 124 TWh of electricity while Chile uses 74 TWh per year. According to the report, if it were a country, Bitcoin would be the 27th most energy-consuming nation in the world.