• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Bitcoin energy consumption as high as belgium
Nexo

Bitcoin’s Energy Consumption Nears Belgium, Finland Figures

Anja van Oosterhout by Anja van Oosterhout
3 years ago
in News, Bitcoin, Bitcoin Mining, Bitcoin News, News teaser
0
Advertisement

Bitcoin’s hashrate reached new record highs this week, leading one study to estimate its total energy consumption now matches some EU nations.


More Power Than Belgium?

According to the latest data from the University of Cambridge, the Bitcoin network uses around 79.79 terawatt hours (TWh) of power every year. 

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The establishment has created a dedicated monitoring resource for Bitcoin, which it has dubbed the Cambridge Bitcoin Electricity Consumption Index (CBECI).

Based on statistics from 2016, Belgium uses 82.1 TWh, while Finland is just ahead with 82.8 TWh. The Philippines is the closest nation behind Bitcoin in terms of power usage, with 78.3 TWh.

Bitcoin’s energy consumption has increased throughout this year as its network hashrate continues to hit new all-time highs. As Bitcoinist reported on Thursday, that figure now stands at somewhere between 110 quintillion and 134 quintillion hashes per second. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Hash rate is a measure of how much computing power is devoted to validating blocks of BTC transactions. The higher the reading, the more power involved. This in turn suggests the Bitcoin network is more secure, but with the benefits come the costs of production.

Cambridge notes that it is all but impossible to know for sure how much power goes to keeping Bitcoin running. 

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

“Given that the exact electricity consumption cannot be determined, the CBECI provides a range of possibilities consisting of a lower bound (floor) and an upper bound (ceiling) estimate,” researchers explain about their methodology. 

“Within the boundaries of this range, a best-guess estimate is calculated to provide a more realistic figure that we believe comes closest to Bitcoin’s real annual electricity consumption.”

Bitcoin Miners Commit To Profitability

As Bitcoinist noted, critics have previously used energy consumption as a tool for criticizing Bitcoin as a phenomenon. According to them, the power usage is too high to justify the idea that the cryptoasset can act as an alternative form of money. 

At the same time, analysts note that around 75% of the leading cryptocurrency’s energy needs already come from renewable sources. Mining farms, which seek to keep costs to a minimum, tend to be in areas with easy access to hydroelectric, solar and wind power.

This week, mining giant Bitmain announced its intention to build the world’s largest Bitcoin mining farm. Based in Rockdale, Texas, the facility could expand to an output of 300 megawatts and push Bitcoin’s energy consumption ahead of Belgium and Finland. 

The commitment underscores the continued belief in the long-term potential for mining, despite current price suppression taking BTC/USD down almost 25% this month.


What do you think about Bitcoin’s energy consumption? Let us know in the comments below!


Images via

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anja van Oosterhout

Anja van Oosterhout

Related Posts

Bitcoin

Bitcoin Will Beat Gold As Store Of Value, MicroStrategy CEO Says

4 hours ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

13 hours ago
Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

19 hours ago
UNCTAD, document heading

UNCTAD Wants To Curb Crypto Adoption In Developing Countries. Of Course They Do

3 days ago
Bitcoin Crypto

Crypto Market Sees $510M Futures Flush As Bitcoin Breaks $24.5k

4 days ago
bitcoin family

“Bitcoin Family” Loses $1 Million In Bear Market, What’s Next For Them?

4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.