According to a recent report by Bloomberg, the amount of energy consumed by Bitcoin in the three quarters of 2021 has already surpassed all its consumption in 2020.
Although it is difficult to calculate the amount of energy consumed by cryptocurrencies due to the variability of the data, according to a study, it has been concluded that the amount of energy consumed by Bitcoin has increased significantly.
If we go at this speed, it is estimated that Bitcoin will consume 95.68 TW/h of energy by the end of 2021. This amount is almost equivalent to Pakistan’s annual energy consumption.
With this amount, BTC will have exceeded the 67 TW/h energy consumed in 2020.
In fact, Bitcoin’s energy consumption may seem small or large from your point of view. Bitcoin mining accounts for only 0.43% of global electricity consumption. This amount is even less than the annual energy consumption of refrigerators in the USA alone, which is 104 TW/h, according to a study by Cambridge University.
Concerns about Bitcoin’s energy consumption also affected Tesla CEO Elon Musk, and the company stopped accepting payments with Bitcoin.
Later, at the B-Word conference in July, some insights were offered that Bitcoin has always used relatively renewable energy.