Bitcoin mining outstrips Argentina in electricity use

Annual electricity consumption for Bitcoin mining surpassed the energy use of Argentina as a whole. This was reported in a Cambridge University study.

Scientists calculated that Bitcoin mining consumes 121.36 TWh of electricity per year.

That figure is higher than Argentina’s consumption (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.2 TWh), and almost on a par with Norway (122 TWh).

Data: University of Cambridge.

That amount of electricity could power all the kettles in the United Kingdom for 27 years or meet Cambridge University’s energy needs for 688 years.

The electricity used by plugged-in but idle household devices in the United States could power the Bitcoin network for a year.

Mining’s energy intensity is expected to continue rising unless Bitcoin’s price falls, the researchers say.

Bitcoin’s price surged on February 8 after electric-car maker Tesla announced its investments in cryptocurrency}.

Researchers say such a move undermines the company’s environmental image.

David Gerard, author of ‘Attack of the 50-Foot Blockchain,’ suggested that a carbon tax on cryptocurrencies could offset miners’ negative environmental impact.

Back in January 2018, the energy consumed by Bitcoin miners equaled the energy use of an entire G-20 economy.

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