Bitcoin mining electricity costs have risen 66-fold since the end of 2015. Bloomberg reports, citing a Citigroup Inc. analysts’ report.
Researchers noted that the level of energy consumption is expected to continue rising as the price of bitcoin increases.
According to the latest data from the Cambridge Centre for Alternative Finance, annual electricity costs by the Bitcoin network reached 141.61 TWh and surpassed Ukraine and Sweden’s 2019 figures.
Data: University of Cambridge.
As cryptocurrency mining harms the climate, regulators could tighten mining rules in the future, according to Citigroup.
“Mining and use of these coins may come under closer scrutiny from regulators, particularly if the United States continues to increase its share of mining capacity amid potential restrictions on bitcoin mining in China,”
Earlier, a group of Chinese and British economists calculated that by 2024 China’s bitcoin farms would consume more than 296.59 TWh of electricity and will surpass the Philippines in greenhouse gas emissions.
To mitigate the negative impact, scientists proposed that authorities limit mining of Bitcoin in those Chinese regions where coal-fired power plants are the main source of electricity.
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