According to research by Bloomberg, by the end of this year, the energy consumption of Bitcoin miners will exceed 91 TW / h, while in 2020 this figure was about 67 TW / h.
Bitcoin has long been criticized for its potential to harm the environment. Bloomberg researchers only “added fuel to the fire.” They published a report that the annual electricity use for bitcoin mining is estimated at 91 TWh, which is what Pakistan spends annually. However, this figure is constantly changing. If you look at the Cambridge Bitcoin Electricity Consumption Index (CBECI), today this figure is already reaching 95 TW / h.
This figure is very different from the previously recorded figure of 141 TW / h, when China had not yet introduced a mining ban. In connection with the movement of mining facilities to Kazakhstan, Canada and other jurisdictions, the amount of electricity spent on Bitcoin mining began to grow again.
According to researchers at the University of Cambridge, only 39% of the electricity used for Bitcoin mining comes from renewable sources. Thus, about 58 TWh of consumed electricity for BTC mining can contribute to greenhouse gas emissions. This can be compared to burning 4.6 billion gallons of gasoline.
Many members of the cryptocurrency community are trying to make mining greener. In March, Argo Blockchain announced plans to launch the first sustainable Bitcoin mining pool that will use energy from hydroelectric power plants. Recently, however, Tesla CEO Elon Musk said the industry’s transition to renewables was too slow.