Bitcoin Mining Consumes More Electricity Than 159 Individual Countries
The Bitcoin’s crypto currency is becoming extremely popular and expensive, but it requires a significant increase in energy consumption during the mining process. British researchers estimated that the total amount of energy spent on Bitcoin mining already exceeds the energy consumption level of 159 individual countries around the world (or collectively 71 countries with the lowest consumption level).
For example, more than 20 countries in Europe use less energy than need for the crypto currency. Among them are Ireland, Croatia, Serbia, Slovakia and Iceland. In Africa, almost all countries consume less than Bitcoin generation. Only three African countries use more energy than the mining process: South Africa, Egypt and Algeria.
Moreover, the level of energy consumption by miners is constantly increasing. According to the Power Compare, only in the last month the process of mining began to consume, approximately, 30% more energy.
Notwithstanding such impressive energy consumption indicators, Bitcoin mining is still a lucrative business. To date, the total cost of electricity used to produce crypto currency, is about $ 1.5 billion per year. And the aggregate annual income from mining is estimated at $ 7.2 billion.