Bitcoin power consumption has set a new record
Industry News
Bitcoin power consumption and its impact on ecology is the headliner of crypto news in 2021. According to the CCAF research, the annual energy conception of the first digital currency is about 67 TW/h, and this amount equals 0.43% of the global power demands.
Meanwhile, the new Bloomberg report shows that 2021 is going to set a new record of Bitcoin power supply. The BTC network has already consumed 67 TW/h, while four months are going to increase this index to 95.68 TW/h, according to Bloomberg experts.
When compared to the energy demands of countries, the Bitcoin network supplies more energy than the Philippines, Kazakhstan, or Colombia. 32 countries only consume more power than the BTC network.
On the other hand, such an index sounds not so catastrophic if compared to the energy consumption of home appliances. For instance, the Cambridge University report estimates that US refrigerators allegedly consume 104 TW/h annually.
Bitcoin opens new horizons for both consumers and investors, while the ecological problem is going to be solved through green energy. Miners expect to use alternative eco-friendly energy sources to generate enough power.
In the meantime, the Proof-of-Work protocol is named among the key BTC problems. Digital currencies based on the PoS (Proof-of-Stake) protocol face no hurdles related to power consumption, as their networks need much less energy.
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