4/7/2021 7:53:58 PM GMT
One Bitcoin transaction is equivalent to burning 75 gallons of gasoline.
China accounts for more than 75% of the BTC network's hashing power.
Research published in Nature Communications says crypto mining activities will gradually grow and peak at 296.59 Terawatt-hours of energy (TWh) per year.
The energy consumption related to cryptocurrency mining is a topic of debate among critics and advocates of these digital assets. Minting one Bitcoin requires a lot of electricity, which is at odds with the global movement to reduce carbon emissions.
Bitcoin energy consumption might be a problem
A study conducted by Cambridge University indicates that Bitcoin mining accounts for approximately 130 Terawatt-hours of energy (TWh), equivalent to 0.6% of the world's electricity consumption.