Push It to the Limit: Bitcoin Consumes More Energy Than Morocco
AFP 2017/ MAXIM ZMEYEVBusiness16:38 05.12.2017Get short URL625
As Bitcoin miners spend more and more electricity in their endless quest for cryptocurrency, now it appears that the energy consumption of Bitcoin farms around the globe already rivals that of a small country.
The steadily increasing complexity of blockchain transactions has resulted in Bitcoin entrepreneurs spending astounding amounts of electricity on cryptocurrency mining.
According to Digiconomist, the current estimated annual energy consumption rate for Bitcoin mining is approximately 31.6 TWh, which already surpasses the energy consumption rate of countries like Morocco (30.7 TWh) and Oman (29.6 TWh) and amounts to about 0.14 percent of global electricity consumption.
The amount of electricity spend on Bitcoin money would’ve been enough to power over 2.9 million households, with estimated annual cryptocurrency mining costs worldwide exceeding $1.5 billion.
Additionally, it appears that the Bitcoin Energy Consumption Index has been steadily increasing over the past several weeks, from about 25.5 TWh around November 6 to 31.6 TWh on December 4.