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A Single Cryptocurrency Consumes More Electricity Than An Entire Country

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Although the ability of cryptocurrency to create a lot of wealth has won praise and malice, critics of the entire trade group, especially climate change advocates, have strongly condemned the technology’s environmental impact.

Bitcoin’s energy consumption has become synonymous with the soaring base price of the currency. According to data from the University of Cambridge, Bitcoin mining consumes approximately 130 TWh of energy each year, which is approximately equal to the amount of energy used in Argentina.

Picture Source: BBC

Since November 2020, Bitcoin consumption has doubled as more miners compete for the rewards set by the blockchain network. But recently, the explosive growth of buying and selling digital currencies has made other networks the focus of carbon emissions.

According to Digiconomist, Ethereum consumes nearly 30 terawatt hours per year. This makes its network consumption comparable to countries such as Bahrain and Qatar. Like Bitcoin, Ethereum’s energy consumption is rising, and it doesn’t look like it will happen soon.

According to Digiconomist data, from the average hourly 8 terawatts in August 2020 to the current Ethereum network is now about 30twh, an increase of 275%.

In the next two years, the world is accelerating, and large companies and projects are developing ultra-low price plans for energy-saving blockchain networks, which can basically be kept on smartphones in principle. Currently, these projects are in the development stage and will be the subject of research in the next few years.

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