Bitcoin consumes more electricity than the whole of Switzerland

Bitcoin consumes more electricity than the whole of Switzerland

Bitcoin consumes more electricity than the whole of Switzerland

The amount of electricity spent on supporting transactions made by Bitcoin owners has exceeded the level of energy consumption of the entire Swiss population. This is evidenced by the CBECI index, compiled by scientists at the University of Cambridge.

Recall that Bitcoin is a decentralized electronic currency, when transaction information is stored in encrypted form for all system participants. The more crypto money generated, the more computational capabilities are required to serve its needs and, accordingly, the cost of electricity.

According to the study, 7 gigawatts of electricity is spent on supporting the global Bitcoin network. Per year – 64 terawatt-hours of electricity, which is more than all Swiss residents spend (58 TW · h / year), but less than Colombia (68 TW · h / year).

Bitcoin transaction processing accounts for about 0.25% of total world electricity consumption. As noted by the BBC, the amount of power consumed is comparable to the amount of energy that all teapots in the UK spend over 11 years.

At the same time, scientists stipulate that it is extremely difficult to calculate exactly how much bitcoin “burns”: “the numbers often show significant discrepancies from one model to another.” This uncertainty is reflected in the CBECI index: its lower limit is 22 TW · h, the upper one – 150 TW · h.

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About Shawn Morrison 242 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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