The production of bitcoins consumes more energy than 159 countries of the world

As bitcoin continues on its way to the masses, it turns out that at a frenzied pace, not only its course, but its energy consumption. New research shows that popular crypto currency now consumes more electricity than 20-odd European countries – or 159 countries.

Experts of the British analytical company Power Compare found that the total amount of electricity needed for bitcoin mining now exceeds the energy costs of 159 countries around the world. By this indicator, he has already overtaken Ireland, Croatia, Serbia, Slovakia and Iceland. This is easiest to see on the graph:


Orange marked countries with lower energy consumption than bitcoin, gray – with large.

Moreover, only three countries of the entire African continent currently consume more electricity than bitcoin: South Africa, Egypt and Algeria. Bitcoin also “overtook” Ecuador, Puerto Rico, North Korea and many other countries.


Orange marked countries with lower energy consumption than bitcoin, gray – with large.

Experts also reported that the current estimated power consumption of bitcoin is 29.05 TWh, which is equivalent to 0.13 percent of total electricity costs in the world. If you represent bitcoin as a separate state, then in terms of electricity consumption, it would take 61 place in the world (in the summer it was 81st).

The cost of energy for mining bitcoin only in the last 30 days has increased by almost 30 percent. If this growth rate continues, in a year’s time, only one bitcoin will spend more energy than Britain. If you translate the “mining” costs of electricity into money, you will get about $ 1.5 billion. In so many today the total extraction of bitcoin.

  • Randomly London

    Hi there,

    Really glad you liked my research, but would you mind actually linking to my research since you’re using my maps without permission/proper credit. You can see it here: https://powercompare.co.uk/bitcoin/

    Thanks
    Ian