Bitcoin mining consumes more electricity than Argentina consumes

Bitcoin mining consumes more electricity than Argentina consumes

A study by the University of Cambridge showed that every year more electricity is spent on mining the popular cryptocurrency bitcoin than the entire Argentina consumes. Mining cryptocurrency requires the use of powerful equipment that consumes a lot of energy. Experts believe that the situation will not change in the near future if the bitcoin rate does not fall.

Researchers estimate that approximately 121.36 terawatt hours of electricity is spent on bitcoin mining each year, which is more than is consumed in Argentina (121 terawatt hours) or the Netherlands (108.8 terawatt hours). The level of energy consumed by miners is gradually approaching that of Norway, where about 122 terawatt-hours of energy are consumed per year.

It is noteworthy that the energy spent on bitcoin mining for a year would be enough to power all kettles used in the UK for 27 years. At the same time, only in the US every year connected to the network, but inactive home devices consume more energy than all miners combined.

This week, the American company Tesla invested $ 1.5 billion in bitcoins, against which the cryptocurrency rate exceeded the $ 48 thousand mark per unit. According to critics, such a large investment by Elon Musk in cryptocurrency undermines the environmental image of the automaker.

The impressive growth that Bitcoin has been demonstrating recently is stimulating more and more people around the world to mine. This means that if the cryptocurrency maintains its current position, the amount of energy spent on bitcoin mining will not only not decrease, but may also continue to grow.

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