The power of Bitcoin is approaching that of Belgium and Finland

This week, Hasrat Bitcoin has set two historical records. Along with it, that of course, the increased power consumption of network cryptocurrencies. According to estimates of analysts from the University of Cambridge, the annual rate of electricity consumption of the Bitcoin network will soon reach the same indicator of Belgium. The scale of resource use crypt illustrated on several examples.

The current record Hasrat network of Bitcoin — 114.34 million teruhisa per second.

The actual record Hasrat Bitcoin of 23 October 2019. Source: Blockchain.com

How much electricity do you need Bitcoin?

Experts note that the power consumption of the crypto-currencies for the year is impossible to calculate with very high accuracy, therefore, the analysis allowed some rounding. The chart below shows the Bitcoin in the global ranking of countries by electricity consumption for the year. Now BTC is on the 37th place with the index 79.79 terawatt-hours per year. First place in the ranking is China with a significant gap, USA.

Source: Cambridge Bitcoin Electricity Consumption Index

Recently Bitcoin has overtaken the Philippines and Chile the amount of used electricity. Next in line are Belgium and Finland.

Source: Cambridge Bitcoin Electricity Consumption Index

Amid the growth, “gluttony” network cryptocurrencies increasingly there are discussions about the necessity of the transition of miners into renewable energy sources. The experts considered that using energy from hydropower plants to provide energy to the entire network of Bitcoin 52 times. Solar energy is able to “nourish the cryptocurrency” 18 times in a row, but the resources of biofuels and recycling exceed the power of BTC in seven times.

Source: Cambridge Bitcoin Electricity Consumption Index

Now, on a more global comparison. The annual energy consumption of Bitcoin amounts to 0.32 percent of the total produced electricity in the world. The cryptocurrency consumes 0.37 percent of electricity produced globally in a year. Not so much — but it is.

Source: Cambridge Bitcoin Electricity Consumption Index

In the future overall capacity of the device for the production of Bitcoin will certainly grow, with it will grow and the requests of the miners. The main concern was the failed course is the first cryptocurrency, otherwise due to the rise Hasrat and complexity of mining to make the mining of coins will be very difficult.

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