08:44
Infographic: Bitcoin Devours More Electricity Than Many Countries

Among other things, Bitcoin has been criticized for price volatility, use in illegal transactions and thefts from exchanges. It has also proven highly controversial for the sheer amount of energy it requires.

The University of Cambridge maintains an online tool that estimates the level of electricity the crypto-currency network uses and compares it with other entities. It estimates that Bitcoin uses 143 terawatt-hours (TWh) of electricity per year, more than many countries and around 0.65 percent of worldwide electricity consumption. A comparison by Visual Capitalist also shows that it also consumes far more power than the world's largest technology companies.

Norway consumes an estimated 124 TWh of electricity while Switzerland consumes 56 TWh annually by comparison. In fact, if Bitcoin was a country, it would be the 27th most energy-demanding nation on earth. All of that thirst for electricity comes from the computing power needed for mining, which is a process where machines are connected to the network to verify transactions, which involves puzzle-solving. Some Bitcoin miners have even relocated to places like Iceland to reduce costs as geothermal energy is abundant there while cold Arctic air helps with cooling.

Sourse: ibtimes.com

Start mining bitcoin now

Start trading bitcoin now

Category: News | Views: 166 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoin Price #BTC | Rating: 0.0/0
Total comments: 0
Name *:
Email *:
Code *:
[22.06.2021][News]
China's measures take wind out of Bitcoin's sails (0)
[22.06.2021][News]
Bitcoin enters 'death cross' amid China crackdown (0)
[22.06.2021][News]
Bitcoin briefly crashed again, wiping out 2021 gains. Here's why. (0)
[22.06.2021][News]
El Salvador’s Bitcoin move is unconstitutional, new lawsuit says, amid claims the President is getting cold feet (0)
[22.06.2021][News]
Peter Schiff Unveils Best Time to Buy Bitcoin – It’s About MicroStrategy (0)
[21.06.2021][News]
Bitcoin Bull Mike Novogratz on Chinese Crackdown: "Will Take Some Time to Play Out" (0)
[21.06.2021][News]
Jim Cramer sells 'almost all' of his bitcoin as prices hit 2-week lows on China crackdown (0)
[21.06.2021][News]
Cryptocurrencies tumble amid China crackdown on bitcoin miners (0)
[21.06.2021][News]
Ether Plunges Below $2K, Bitcoin Dips to $32K (0)
[21.06.2021][News]
U.S. Bitcoin Mining Firm Pioneers Alternative Flare Gas Energy (0)
close