Bitcoin is a real energy hog

Researchers from the Technical University of Munich and the Massachusetts Institute of Technology took a look at how much energy was consumed by computers used to generate bitcoins and process transactions. Their conclusion:

in late 2018, the entire bitcoin network was responsible for 22-22.9 million tons of CO2 per year — similar to a large Western city or an entire developing country like Sri Lanka. Total global emissions of the greenhouse gas from the burning of fossil fuels were about 37 billion tons last year.  The researchers said about 68% of the computing power used to generate, or mine, bitcoins is in Asia, 17% is in Europe and 15% is in North America. [Fortune/AP]

The whole study is worth reading. (link)

Read article on Technical University of Munich

BitCoin & Energy Usage

…the current global power consumption for the servers that run bitcoin’s software is a minimum of 2.55 gigawatts (GW), which amounts to energy consumption of 22 terawatt-hours (TWh) per year—almost the same as Ireland. Google, by comparison, used 5.7 TWh worldwide in 2015.

If the cryptocurrency were to stay at its recent price of $8,000, power usage of the bitcoin network would peak at 7.67 gigawatts (67 terrawatt hours of energy on an annual basis, or one-fifth of Britain’s energy use).

Read article on The Economist