The electricity used to power the Bitcoin network is enough to power the Czech Republic more than once over.
New figures by a PwC researcher have shown that the Bitcoin network uses more electricity to keep it running than the Czech Republic, a European country with a population of over 10.5 million people.
The process of Bitcoin “mining” uses 77.78 TerraWatt hours per year. Mining is the computing process that is used to add a new group of transactions (blocks) to the global, publically visible ledger (the blockchain) which displays all historical transactions.
To put this into a more relatable context, each individual transaction uses the equivalent of two months worth of electrical consumption in an average British household.
Perhaps most disappointing for Bitcoin advocates is the fact that the carbon footprint of all the computers used to mine Bitcoin, is currently the same as the carbon footprint created by 780,650 Visa transactions.
The problem has become amplified over recent months because of the recent bullish conditions and the high demand for Bitcoin transactions resulting from this. Read More...