Bitcoin Mining Consumes Electricity More Than 20 European Countries
With Increasing Price, Electricity Consumption Is Also Skyrocketing To Propel Bitcoin’s Growth
With global stalwarts waking up to Bitcoin’s mammoth surge, its price is not the only thing spiralling up the ladder. A recent research study has revealed that Bitcoin accounts for electricity consumption which is equivalent to what is taken by an aggregate of 20 European nations. Researchers from Power Compare, an energy price comparison platform of Great Britain revealed that the computation process of Bitcoin mining which maintains the flow of Blockchain transaction consumes electricity more than 159 individual countries.
The list of countries whose aggregate electricity consumption is less than what it takes to mine Bitcoin include Serbia, Ireland, Slovakia, Croatia and Ireland amongst a bevy of others. Egypt, South Africa and Algeria are the only three African countries with electricity consumption exceeding that of Bitcoin. Power Compare also mentions Puerto Rico, Ecuador and North Korea in its list of countries round the globe whose electricity usage is nowhere close to Bitcoins.
Statistics published by Power Compare has established that the annual electricity consumption for mining Bitcoin stands at 29.05 TWh which is equal to 0.13% of the global electricity requirement. Thus if all the Bitcoin miners come together in terms of electricity usage, they would have an aggregate global ranking of 61st. This stands as one of the biggest reasons behind Bitcoin mining community shying away from the Segwit2x hard fork which was scheduled to take place in November, which got suspended.
Power Compare has also revealed that Bitcoin mining industry has consumed 30% more electricity in the last one month. If the current state of Bitcoin’s electricity requirement remain then it would not take long for it to topple over United Kingdom’s aggregate electricity consumption within next October. And in case if you were curious about the electricity bill it all rounds up to, then hang on to your seatbelts as we reveal it to be a whopping $1.5 billion annually. The research conducted by Power Compare assumed that all mining activities took place in regions having low electricity rates. But reality is not always the same. So if you already had a minor stroke looking at the estimated annual expense sheet, you better not think about what the real figures would look like!
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Tarunima Ghosh Laha
Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.