Published On: Mon, Nov 27th, 2017

Bitcoin Miners Consume More Electricity than 19 European Countries

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Over the past few years, Bitcoin’s difficulty and hash rates have steadily risen exponentially. So too has the electricity consumption of Bitcoin miners has risen as well, which is causing some concern among experts.
Rising Demand for Electricity

Bitcoin’s price is not the only thing that has been rising in the last couple of years. New data from Digiconomist, is showing that the global Bitcoin mining energy consumption has reached a staggering 30.14 TWh a year. According to a recent article by The Guardian, Bitcoin miners are consuming more electricity than 19 different European countries, including Croatia, Ireland, Iceland, Slovenia, and Latvia.
The report also suggests that each single Bitcoin transaction consumes around 300KWh of electricity, which is enough to boil 36,000 kettles full of water. Visa in comparison, requires just 2% of the total Bitcoin mining electricity in order to process 200 million transactions daily. Even though the electricity consumption of Bitcoin is very high, many experts believe that its necessary in order to maintain decentralization.
The Rise of Cryptocurrency Mining

Bitcoin and cryptocurrency have recently become a profitable activity for many miners. One of the reasons for that is the explosive growth that the cryptocurrency market …

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