September 28, 2021

Surge in Bitcoin energy consumption sparks debate in crypto community

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The recent surge of Bitcoin (BTC) price has driven notable growth in the amount of electricity consumed by Bitcoin miners, spurring another wave of argument in the community over the ecology of the seminal cryptocurrency.

According to the latest data from Digiconomist’s Bitcoin Energy Consumption Index, Bitcoin energy consumption has been at its highest historical levels since late 2020, with the estimated annual consumption level staying above 75 TWh for a record period of time.

Bitcoin is now estimated to consume around 77.8 TWh per year, which is as much power as consumed by Chile. Bitcoin’s carbon footprint — the total greenhouse gas emissions caused by BTC mining activity — reportedly amounts to nearly 37 megatons of CO2 annually, comparable to that of New Zealand.

Source: Digiconomist’s Bitcoin Energy Consumption Index

As Bitcoin’s electricity consumption has exceeded “normal” levels since November, the crypto community remains divided over concerns about its carbon footprint.

Charles Hoskinson, founder of Cardano and a co-founder of Ethereum,Title: Surge in Bitcoin energy consumption sparks debate in crypto community
Sourced From: cointelegraph.com/news/surge-in-bitcoin-energy-consumption-sparks-debate-in-crypto-community
Published Date: Fri, 05 Feb 2021 12:09:16 +0000