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  Bitcoin Armchair-Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa

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PostSubject: Bitcoin Armchair-Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa   Sat Nov 25, 2017 1:02 am

Bitcoinís ongoing meteoric price rise has received the bulk of recent press attention with a lot of discussion around whether or not itís a bubble waiting to burst.



However, most the coverage has missed out one of the more interesting and unintended consequences of this price increase. That is the surge in global electricity consumption used to ďmineĒ more Bitcoins. †

According to Digiconomistís Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoinís current estimated annual electricity consumption stands at 29.05TWh.

Thatís the equivalent of 0.13% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries (as you can see from the map above). More than Ireland or Nigeria.

https://powercompare.co.uk/bitcoin/


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