According to PowerCompare.co.uk, the electricity used to mine Bitcoin this year is bigger than the annual usage of almost 160 countries.
While the price of cryptocurrencies such as the Bitcoin continues to increase the interest of investors and crooks in this new industry is demonstrated by disconcerting data that I’m going to share with you.
According to new research conducted by energy tariff comparison service PowerCompare.co.uk, the electricity used to mine Bitcoin this year is bigger than the annual usage of almost 160 countries. The energy consumption has already exceeded the amount used on average by states such as Ireland and most African nations.
“According to Digiconomist’s Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoin’s current estimated annual electricity consumption stands at 29.05TWh.” states the research.
“That’s the equivalent of 0.13% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries (as you can see from the map above). More than Ireland or Nigeria.”