The Bitcoin network consumes more in a year than the Netherlands. Enough to power all UK kettles for 27 years

The Bitcoin network consumes more in a year than the Netherlands. Enough to power all UK kettles for 27 years

In the summer of 2019, we wrote that the total energy consumption of mining farms and the Bitcoin network as a whole in the world exceeds the energy consumption of Switzerland. More precisely, then the figure was almost 7 GW, which corresponded to more than 59 TWh of energy consumption per year.

If you look at the latest data, the situation has changed dramatically in a year and a half. More precisely, it has changed in recent months, when the Bitcoin rate began to actively grow.

So, at the moment, the total capacity has grown to 13.62 GW, and the annual consumption – up to 124 TWh. That is, the growth is more than twofold.

If we again compare with countries, the Netherlands and the UAE consume slightly less, and Norway and Argentina are slightly higher in the ranking. Another interesting comparison: the indicated amount of energy is enough to power all kettles in the UK for 27 years. And the University of Cambridge will have enough energy for 704 years. At the same time, there is an inverse analogy: the electricity consumed annually by switched on but inactive devices only in the United States is enough to power the Bitcoin network for almost two years.

Separately, it should be noted that these results, which are provided by the online tool of the University of Cambridge, are estimates. There you can also see the theoretical indicators of the lower and upper limits: 4.23 GW / 42 TW • h and 46.49 GW / 281.76 TW • h, respectively.

The Bitcoin network consumes more in a year than the Netherlands. Enough to power all UK kettles for 27 years

Leave a Comment