DATA STORY: Energy consumed by bitcoin miners around the world is more than over 150 countries

Bitcoin is perhaps the most valued currency in the world, virtual or real. The exchange rate as of Friday stood at over USD 8,000 for one BTC. But, not many people know that mining bitcoin also costs a preposterous amount of electricity to the world

The global electricity consumption used for bitcoin 'mining' has reached a level that there are over 150 countries which consume less electricity in a year. In other words, if bitcoin was a country, at current value, it would stand at 62nd position in the world in terms of consuming electricity in a year.

As of November 22, the ‘miners’ have consumed 29.51 TWh (1 TWh= 100 crore units) of electricity, according to the Bitcoin Energy Consumption Index by Digiconomist. And, if the consumption keeps growing at the same rate, by the end of the year, it would stand at 38.36 TWh of electricity, placing it at 58th position, just below Hungary, in terms of total electricity consumption. In fact, the total energy consumption is more than that of Ireland which uses 23.79 TWh of electricity and North Korea at 11.24 TWh.

Similarly, mining ether or etherum — the next most valued cryptocurrency, has consumed 10.41 TWh of electricity as on Wednesday. That is almost the equal amount of electricity Paraguay consumes in a year.

 

Source : http://www.moneycontrol.com/news/business/data-story-energy-consumed-by-bitcoin-miners-around-the-world-is-more-than-over-150-countries-2446425.html

SMART GRID Bulletin November 2017


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