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Bitcoin would consume as much energy as ... Switzerland



Researchers at the University of Cambridge say that cryptocurrency mining requires a large amount of energy, comparable for Bitcoin to that of Switzerland or the Czech Republic. 

A group of researchers from Cambridge unveiled this week a brand new index, the CBECI (Cambridge Bitcoin Electricity Consumption Index), supposed to determine the amount of energy needed at time T to maintain the Bitcoin network. Thanks to this data, the index makes it possible to release an annual value of consumption.

Bitcoin would account for 0.28% of global electricity consumption


At the time of writing, Bitcoin would report an instantaneous consumption of 7.45 gigawatts (GW), with a lower limit of 2.79 GW and an upper limit of 22.61 GW.

This represents, per year, consumption of 60.45 TWh (terawatt-hour). Bitcoin would consume more energy than the State of Kuwait (57.78 TWh per year) and slightly more than Switzerland (58.46 TWh per year). Cryptocurrency consumes almost as much as the Czech Republic (62.34 TWh per year) and Austria (64.60 TWh per year).

According to this same index, Bitcoin would represent even 0.28% of the total electricity consumption in the world and 0.24% of the total electricity production. This energy comes mainly from miners spread around the world, who request their computer equipment to maintain their network and validate payments. 

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