As Bitcoin moves towards new records, it is also absorbing the energy of a country with a population of more than 200 million.
Cambridge University Alternative Finance Center is trying to track BTC energy consumption. While the exact consumption is unknown, they can make an estimate by tracking the total number of hashes generated by the miners and looking at the efficiency of bitcoin mining equipment. As is known, Hash rate is the unit of measurement of the processing power of the BTC network.
Bitcoin jumped 276% this year and is trading around $ 27,000 today. The recent increase in price has made it more profitable to use less efficient equipment.
With an annualized 92.8 terawatt hours, Bitcoin’s energy consumption is slightly ahead of Pakistani consumption in 2016 and not far from Dutch consumption that year. In other words, electricity consumed to mine bitcoin could power all tea machines in the UK for 21 years.
Two-thirds of bitcoin production is done outside of China. More than half of China’s energy production comes from coal, so it can be mentioned that BTC production is not very environmentally friendly in this case.
The US ranks second in terms of Bitcoin production and is slightly ahead of Russia and Kazakhstan, with an estimated 7% of all BTC production.