Bitcoin mining around the world consumes 29.05TWh (terawatt hours) of electricity annually as of 20 November, according to a website that claims to provide in-depth analysis, opinions and discussions with regard to bitcoin and other cryptocurrencies.
Digiconomist listed the energy consumption of many countries to contrast this against; for example, Australia's annual consumption is 224 TWh, which makes the bitcoin energy use 12.97% of the country's consumption.
Another website, Power Compare, claimed that given the rate at which the growth of the cryptocurrency is occurring, bitcoin mining would consume all the world’s electricity by February 2020 (21,776 TWh).
The energy that goes on bitcoin mining is more than 159 countries, according to statistics compiled by Power Compare, a website that compares UK energy companies. It has a list of 219 countries and their rank as far as energy consumption goes, indicating how the consumption ranks against the energy consumed by bitcoing mining glabally.
{loadposition sam08}If all bitcoin miners were in a single country, they would rank 61st in power consumption, Power Compare claimed.
Some other interesting statistics about bitcoin mining:
- In the past month, bitcoin mining electricity consumption is estimated to have increased by 29.98%;
- If it keeps increasing at this rate, bitcoin mining will consume all the world’s electricity by February 2020;
- Estimated annualised global mining revenues: US$7.2 billion (£5.4 billion);
- Estimated global mining costs: US$1.5 billion (£1.1 billion);
- Number of Americans who could be powered by bitcoin mining: 2.4 million (more than the population of Houston);
- Number of Britons who could be powered by bitcoin mining: 6.1 million (more than the population of Birmingham, Leeds, Sheffield, Manchester, Bradford, Liverpool, Bristol, Croydon, Coventry, Leicester & Nottingham combined); and
- Bitcoin mining consumes more electricity than 12 US states (Alaska, Hawaii, Idaho, Maine, Montana, New Hampshire, New Mexico, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming).
Graphic: Courtesy Digiconomist