Bitcoin mining requires electricity equivalent to 20 European countries

Bitcoin mining consumption
Not only the value of bitcoin that currently continues to soar also the electricity needs for the activities of digital currency mining. Based on a recent report by British researchers, bitcoin mining currently requires more electricity than electricity use in 20 European countries.

To be known only, bitcoin mining is not a physical mining, where there is excavated soil. Bitcoin mining is a continuously running computer process to keep transactions in the blockchain running.

And the power required to power all the computers is bigger than the power needed in 20 countries in Europe. In comparison, there are only three countries in Africa that need more electricity than bitcoin mining, namely South Africa, Algeria and Egypt.

Currently it is estimated that the use of electricity for bitcoin mining for a year requires electrical power of 29.05 TWh (1 TWh = 1,000,000,000 KWh). This figure is equivalent to 0.13% of the annual electricity consumption in the world.

In the same report also mentioned that the consumption of electric power for bitcoin mining increased by 30% in the last month. This is thought to be due to the rising bitcoin value over the past few months.

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