Incredible Bitcoin Energy Consumption Compared Ideas

According To Claims In Recent Studies, The Entire Bitcoin Network Consumes Somewhere Between 25 And 30 Terawatt Hours Of Electricity Annually.

This means, more than 3 times more efficient than a very conservative calculation of the cost of the global banking system. In december 2019, one report suggested that 73% of bitcoin’s energy consumption was carbon neutral, largely due to the abundance of hydro power in major mining hubs such as southwest china and. That’s the equivalent of 0.13% of total global electricity consumption.

Galaxy Digital Have Previously Estimated The Total Energy Consumption Of The Existing Banking System And Estimated A Total Of 263.72 Twh Usage.

When compared to the electrical output of nation states, bitcoin’s consumption is less than that of 28 countries: (3,989 twh) and china (6,543 twh), the cryptocurrency’s energy consumption is relatively light. For further comparison, the bitcoin network consumes 1,708% more electricity than google, but 39% less than all of the world’s data centers—together, these represent over 2 trillion gigabytes of.

According To Digiconomist’s Bitcoin Energy Consumption Index, As Of Monday November 20Th, 2017 Bitcoin’s Current Estimated Annual Electricity Consumption Stands At 29.05Twh.

In the league table it sits sandwiched between ukraine (27th) and argentina (29th). The bitcoin energy usage, is now cited as a reason for companies to withdraw their bitcoin support. Research has found that bitcoin miners alone consume approximately between 60 to 125 twh of energy annually, which is equivalent to around 0.6% of global electricity and ties the energy consumption of some countries such as austria (75 gwh) and norway (125 gwh).

Other Studies Run By Hass Mccook Have Estimated The Total Carbon Cost Of The Financial Sector At Over 380 Million Tonnes Of Co2, This Is Some 6X That Of Bitcoin.

As a final comment, i believe that bitcoin will become more efficient in terms of electricity consumption moving forward (although it might continue growing its electricity consumption as an absolute value but so is energy consumption growing. However, as lyn alden, founder of lyn alden investment strategy, comments, many industries around the world also consume more energy than many countries, such as google, amazon, netflix and facebook. Even if only 30% of banks electricity consumption was the comparable part to bitcoin, that will still make bitcoin more efficient.

When Compared To Larger Countries Like The U.s.

According to the report, the bitcoin network consumes an estimated 113.89 twh/yr in total. Energy consumption from bitcoin compared to the total energy consumption in selected countries worldwide as of march 24, 2021 [graph]. Within the report was an energy consumption comparison between the banking system, gold, and bitcoin.