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Bitcoin consumes ‘more electrical energy than the Netherlands’ every year

Bitcoin has been extremely popular for years and the value of the crypto coin is still rising. But besides being worth a lot, Bitcoins also consume a huge amount of energy. This is shown by research from the University of Cambridge.

In particular, the so-called ‘mining’ is a real energy eater. Recording transactions on the blockchain within the network must be done with extremely heavy computer calculations. The current record value of the Bitcoin ensures that more miners will use heavier machines and thus consume more power.

Bitcoin in top 30 energy guzzlers

According to the researchers, mining Bitcoins, which have a value of more than 39,000 euros, consumes about 121.36 terawatt hours per year. Thus, according to the BBC more than many large countries and is even one of the top thirty largest energy consumers in the world. In 30th place is Argentina with 121 terawatt hours, which is beaten by Bitcoin. China is the largest energy consumer in the world with a consumption of more than 5,500 terawatt hours per year.

The Netherlands cannot compete with the crypto currency either, because we use ‘only’ 108.8 terawatt hours of electrical energy per year and therefore do not even come close to the currency. And it seems that currency is going to use more and more energy. “It will certainly not change in the future unless the price of Bitcoin goes down drastically,” said Michel Rauchs, one of the researchers.

Bad for the Environment

Nice, that Bitcoin, especially if you own a few. But it is not good for the environment. “It is very bad that all this energy is literally wasted in a lottery,” writer and Bitcoin expert David Gerard told the BBC. Energy consumption also involves a lot of CO2 emissions.

Elon Musk, the owner of Tesla, is especially beaten by Gerard after he invested in the coin. “Tesla has received 1.5 billion in environmental subsidies from the taxpayer and is now putting that same money into Bitcoins, which is mainly mined with electricity obtained from coal. That subsidy must be investigated. ”

Bitcoin? No, Dogecoin, that is (apparently) the future

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Bitcoin consumes ‘more electrical energy than the Netherlands’ every year

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