Bitcoin, the world’s leading cryptocurrency, will consume approximately 95.68 terawatt hours of Electricity by the end of the year, according to the Cambridge Bitcoin Electricity Consumption Index.
This is near the total Electricity consumption of Pakistan which is just over 120 TWh.
According to a Bloomberg report, the Bitcoin network will consume 91 TWh by the end of the year, and in 2020 it consumed more than 67 TWh.
A separate Science Direct study found that bitcoin miners “are using more and more short-lived devices, which could worsen the growth of the world’s electronic-wastage.”
The Science Direct report also states that “Bitcoin can generate up to 64.4 tons (64,400 tons) of e-waste at the peak Bitcoin price seen in early 2021.” Electricnoc waste usually belongs to discarded computers and electronic equipment.
According to statistica, in 2021, bitcoin will account for about 0.11% of the total estimated global e-waste, which is 57.4 million tons. As a percentage of global electricity consumption, Bitcoin mining is only 0.43%. According to the University of Cambridge, this is less than 104 TWh used only by refrigerators in the United States.
Electricity is the input for bitcoin and other cryptocurrencies. The coins are mined on computers that process complex algorithms in number of connected computers. As the cryptocurrency market grows, so does the demand for bitcoins on power grids.
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