As Bitcoin price breaks the record $7000 this year, the electricity consumption is also soaring high because everybody wants to mine bitcoins.
Currently there are about 300,00 transactions per day (source: https://charts.bitcoin.com/chart/daily-transactions#b2k)
1. 24 Terawatt-hours of electricity annually to mine more Bitcoins
That’s about as Nigeria, a country of 186million people , uses in a year. (source: https://digiconomist.net/bitcoin-energy-consumption)
2. Shocking average of 215 kilowatt-hours used for each Bitcoin transaction.
The average American household consumes 901 Kwh per month(https://www.eia.gov/tools/faqs/faq.php?id=97&t=3), each Bitcoin transfer represents enough energy to run a comfortable house, and everything in it, for nearly a week.
3. Worldwide Bitcoin miners could be using enough electricity at any given time to power about 2.26 million American homes.
4. Coal powered Bitcoin Mongolia mine is responsible for 24,000 - 40,000 kg CO2 per hour which is equivalent to over 203,000 car kilometres travelled.
In the context of climate change, hurricanes & wild fires, Bitcoin is leaving a massive environmental footprint. Will this stop us from using Bitcoin? Is there a better way we can mine Bitcoin and minimise our environmental footprint?.
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