Power guzzler Bitcoin is rapidly getting hungrier
No time right now?
The power consumption of the Bitcoin network has increased by 80 percent within a year. With 128 terawatt hours, Bitcoin is more than Argentina in annual consumption.
The University of Cambridge has been dealing with the power consumption of the Bitcoin network for years. The facility is therefore able to make comparisons based on the reference date.
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From 71 to 128 terawatt hours in one year
about a corresponding dashboard the Bitcoin consumption can be viewed. This shows that the estimated annual volume at the beginning of 2020 was around 71 terawatt hours. If we currently look at the dashboard, we are confronted with a figure of 128 terawatt hours.
This means an increase of 80 percent has been recorded within just one year. Bitcoin consumes more electricity per year than Argentina with its 45 million inhabitants and is roughly on a par with Ukraine and Sweden. If the increase continues like this, Bitcoin will reach the consumption of one continent in the course of the year – but at least the smallest, namely Australia.
If Bitcoin were a state, it would be ranked 29th among the largest electricity consumers in the world. 0.59 percent of the electricity consumed on earth flows into the Bitcoin network.
Criticism of the high energy consumption of cryptocurrencies in general and Bitcoin in particular has been around for years. After all, such a high power consumption in times of discussion about the human contribution to climate change is certainly something that cannot be ignored. Despite many expert warnings, this has not had any consequences so far.
Bill Gates had it all in one last time Clubhouse conversation pointed out with journalist Andrew Ross: “Bitcoin uses more energy per transaction than any other method known to mankind. That’s not a good thing for the climate. “
Bitcoin proponents like to argue that crypto consumption is not critical as long as renewable energies are used as the power source. In fact, it had also been supervised by Cambridge University “Global Cryptoasset Benchmarking Study” found in September 2020 that 39 percent of crypto energy now comes from renewable sources.
In absolute terms, this means that around 50 terawatt hours come from renewable sources. This leaves 78 terawatt hours from conventional manufacturing methods. This means that the share of fossil electricity has increased, although the share of renewable energies has also increased – from 28 in December 2018 to 39 percent in September 2020.
When considering the situation, the People’s Republic of China is an aggravating factor with 65 percent of the global Bitcoin consumption has a determining share. In China’s electricity mix, however, fossil fuels also clearly dominate with 62 percent.
