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Bitcoin mining uses more electricity than Argentina consumes
10.02.2021 [20:42],
Vladimir Fetisov

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 approximately 122 terawatt hours of energy are consumed per year.

It is noteworthy that the energy spent for the year for the extraction of bitcoins would be enough to power all kettles used in the UK for 27 years. At the same time, only in the USA 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. for a unit. Critics say Elon Musk’s massive investment in cryptocurrencies undermines the automaker’s environmental image.

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

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