December 4, 20172min726

Bitcoin mining uses enormous amount of electricity

Mining is just like any industry, it consumes power to unlock virtual currency.

There are a lot of miners all around the world. And their number is going to increase in next few years; because Bitcoin and other cryptocurrencies are more and more popular every day

As it stands, Bitcoin mining is a lucrative operation. With the price over $11,000, there is a lot of money to be produced. Like any factory, mining rigs use electricity, a lot of it.

According to UK based company Power Compare, the surge in Bitcoin price has directly influenced the demand for the power supply.

Citing Digiconomist, the combination of Bitcoin and Bitcoin Cash’s estimated annual electricity consumption has climbed to 31 terawatt-hours. They also estimate that Bitcoin mining generates $9.7 bln a year. Bitcoin and Bitcoin Cash mining is using a total of 0.13 percent of the global energy consumption – which ranks the combined mining operation as the 61st highest power consumer in the World.

They have developed their own Bitcoin Energy Consumption Index, which has provided the most recent data driving these insights.
Interestingly, but not surprisingly, the power consumption of Bitcoin mining in November increased by nearly 30 percent.
If the demand for electricity caused by mining continues keeps at its current rate – mining will consume all of the world’s electricity supply by 2020.

 


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