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Category Archives: Environmental Impact Assessments

How Much Electricity Does Bitcoin Mining Use and Cost?

It is common to see Bitcoin users praise the new currency for being better than traditional ones. Horizontal, international, paperless – Bitcoin clearly has it benefits. However, a single Bitcoin transaction currently burns through around 100 kWh, an extremely high amount of electricity for an operation that may be made several times a day.

Recently the media has been a buzz about the danger of the Bitcoin industry’s electricity consumption.

The cryptocurrency security is based on complex calculations made by supercomputers, an operation called mining. According to the latest research, Bitcoin uses as much electricity as Ireland, that is about 30 TWh per year.  Selectra recalculates an estimate of the bitcoin industry’s consumption based on conservative assumptions.

We found out that with an average consumption sitting between 12 and 30 TWh per year, Bitcoin’s energy consumption makes the large-scale development of the cryptocurrency a serious threat to the environment.

With this we have made our own assumptions and method to shine light on the controversial facts as to whether Bitcoin is environmentally sustainable or not.

Read the full article here