The Currency that burns energy: Bitcoin uses more electricity than 159 countries

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If Bitcoin were a country, it would be the 61st highest electricity user on Earth. 

It is the equivalent of 0.13% of the entire world’s annual energy consumption.

“Bitcoin mining costs about $1.5 billion annually – but only if we assume that the mining occurs where electricity is cheap (some areas of China, for example). At average U.S. electricity prices, the cost would be just over $3 billion. However, with estimated annual revenues of Bitcoin mining currently at $7.2 billion, it remains a very profitable endeavour.

The amount of electricity consumed by Bitcoin mining is already huge, but is still rising fast. In a 30-day period from past October to November, it increased by just under 30%. At this rate (and assuming no new energy-generating capacity is added), Bitcoin mining will require all the electricity produced in the U.S. by July 2019, and all the electricity produced in the entire world by February 2020.” – Frank Jacobs, Strange Maps

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