On the margin of the world-saving crypto frenzy: bitcoin consumes more electricity than the whole of Argentina

Bitcoin mining consumes an enormous amount of electricity, and transactions require significant computing capacity. Cambridge people say it will use 121.36 terawatt hours in a year, and it will certainly only increase in the next period as demand for cryptocurrencies grows, writes BBC.

Critics say Tesla’s investment in bitcoin will also significantly destroy the company’s image of sustainability. The company announced last week that it would buy one and a half billion dollars worth of bitcoin and accept it as a means of payment for cars. The price of bitcoin has hit another historic peak today, which could encourage more and more people to mining.

Research in Cambridge has also shown that as price increases, so does energy consumption.

Bitcoin mining uses more electricity per year than Argentina’s 45 million and is close to the annual electricity consumption of Norway, Ukraine and Sweden.

Cover image: Getty Images

Source: Portfolio.hu – Üzlet by www.portfolio.hu.

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