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Electricity consumption of the bitcoin network since 2016 (annualized). The upper and lower bounds are based on worst-case and best-case scenario assumptions, respectively. The red trace indicates an intermediate best-guess estimate. Bitcoin mining is a highly electricity-intensive proof-of-work process.
(Reuters) -The U.S. Energy Information Administration (EIA) will begin to more closely track electricity consumption by cryptocurrency mining companies operating in the United States, the agency ...
Early concern over the high energy consumption was a factor in later blockchains such as Cardano (2017), Solana (2020) and Polkadot (2020) adopting the less energy-intensive proof-of-stake model. Researchers have estimated that bitcoin consumes 100,000 times as much energy as proof-of-stake networks. [158] [159]
As of 2022, a non-peer-reviewed study by the Cambridge Centre for Alternative Finance (CCAF) estimated that bitcoin mining represented 0.4% of global electricity consumption. [84] Another 2022 non-peer-reviewed commentary published in Joule estimated that bitcoin mining was responsible for 0.2% of world greenhouse gas emissions. [ 85 ]
While not an even comparison, the energy bitcoin consumes is approximately the same as the country of Kazakhstan (91.7 TWh) over the course of a year, according to 2019 data from the Cambridge ...
Cambridge University's Centre for Alternative Finance's (CCAF) latest research into bitcoin mining suggests the mix of sustainable electricity used is in decline.
Studies have estimated the total energy consumption of cryptocurrency mining. [27] The PoW mechanism requires a vast amount of computing resources, which consume a significant amount of electricity. 2018 estimates from the University of Cambridge equate bitcoin's energy consumption to that of Switzerland. [5]
STORY: Bitcoin is struggling to go green.(Tom Wilson, Cryptocurrency correspondent) "The global network creates about the same amount of carbon emissions as the entire country of Greece.’’New ...