The annual consumption of Bitcoin would be higher than that of a country like Switzerland. A very important consumption compared to the number of transactions.
The mining of Bitcoin is energy-consuming, but how much? According to a study published by researchers at the University of Cambridge, the power consumption required to create the virtual currency would be higher than that of many countries. It is estimated at 61.76 TWh per year, against 58.46 TWh for Switzerland, 57.78 TWh for Kuwait or 62.34 TWh for the Czech Republic which has about 10 million inhabitants. In the end, only 42 countries in the world would consume more than Bitcoin. For comparison, France has an estimated annual consumption of 450 TWh.
Be that as it may, this consumption is important in terms of the number of transactions. As Bitcoin expert PwC audit firm BBC News indicates, only 100 million payments are made against 500 billion by the traditional financial industry.
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| Annual consumption of Bitcoin |
Bitcoin would account for 0.21% of global electricity consumption
Real-time consumption to maintain the Bitcoin network would be 8.25 GW, but it remains difficult to reliably estimate, as Cambridge Center for Alternative Finance states: " Reliable estimates of Bitcoin's electricity consumption are rare In most cases, they only provide a snapshot and the numbers often show significant differences from model to model. " This is why lower (3.09 GW) and higher (25 GW) limits are included in the calculations.Be that as it may, this consumption is important in terms of the number of transactions. As Bitcoin expert PwC audit firm BBC News indicates, only 100 million payments are made against 500 billion by the traditional financial industry.
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