Bitcoin Consumes More Energy than Switzerland
According to a new study by employees from Cambridge University, the amount of electricity that is spent on maintaining the capacity of the Bitcoin network is more than entire Switzerland consumes. Recently, a special online tool called “Cambridge Bitcoin Electricity Consumption Index”, or CBECI, was launched. It calculates the amount of energy that Bitcoin miners spend online. Now, CBECI states that all BTC miners consume more than 7 GWh of electricity, and if nothing changes, they will need about 64 TWh in a year. Note that this is 6 TWh more than all of Switzerland consumes in the same period of time. Based on these figures, it appears that Bitcoin consumes 0.25% of total world electricity consumption in order to maintain the operability of Bitcoin. Of course, Bitcoin requires a sufficiently large amount of electricity to maintain the network and verify payments, but the above figures are very approximate. We want to remind: