According to a report by the International Energy Agency, the Bitcoin network consumed 29 TWh in the first half of the year, which already exceeds the annual energy consumption of Ireland (26 TWh)..
The main reason for the increase in electricity consumption, the researchers believe, is the growth of the cryptocurrency rate, which increased the activity of miners and the hash rate. According to IEA estimates, the MTC network will consume 45 TWh per year.
Based on this data, the agency has calculated that bitcoin is responsible for 0.03-0.06% of global energy-related carbon dioxide emissions, which is equivalent to 10-20 megatons of CO2..
At the same time, the authors of the report also point out that mining is most common in regions with cheap, renewable electricity..
Citing other studies, they write that about 76% of the energy consumed by the cryptocurrency network can be generated using electricity from hydroelectric power plants, solar farms, wind turbines and other sustainable sources. Therefore, they took this into account in their calculation of emissions..
According to a previously published study, almost 3.5 times more is spent on bitcoin mining energy than for gold mining at a similar cost.
Bitcoin Consumes More Energy Than Argentina? | How much $ to mine 1 BTC?
text: Ivan Malichenko, photo: Unsplash