Bitcoin network consumes more electricity than Argentina
Bitcoin uses more electricity annually than Argentina, according to a Cambridge University analysis quoted by the BBC.
Bitcoin (credit photo: wikimedia commons)
Creation of cryptocurrencies requires consumption of energy, because it involves complex calculations performed by computers to verify transactions and record them into blockchain.
Cambridge researchers say that the industry consumes about 121.36 terawatt-hours (TWh) per year and that consumption is unlikely to decrease if the value of the currency does not decrease. Various critics say Tesla’s decision to invest heavily in Bitcoin undermines its environmentally friendly image.
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As prices rise, so does energy consumption, according to Michel Rauchs, a researcher at The Cambridge Center for Alternative Finance.
The financial analysis online tool ranked bitcoin’s electricity consumption over that of Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) and close to that of Norway (122.20 TWh).
Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining.
To mine Bitcoin, high power computers are connected to the cryptocurrency network with the task of verifying the transactions. The process involves solving complex puzzles which help ensuring that no one could fraudulently alter the overall record of transactions. As a reward, the miners receive small amounts of Bitcoin in a process often resembling a lottery