Bitcoin will use as much electricity as all of Pakistan for Crypto mining in 2021
The Bitcoin network is consuming more and more energy to mine Bitcoin. The total electricity consumption of the Bitcoin network has exceeded the consumption level of 2020. Last year, the network’s power used to mine Bitcoin was estimated to be around 67 terawatt hours (TWh). According to a research report by Bloomberg, this year’s consumption has exceeded this standard: by the end of 2021, the mine’s energy consumption will reach 91 TWh, which corresponds to
TWh in Pakistan. It indicated that with the rise in the price of Bitcoin, more and more Bitcoin miners have joined the network and have used less energy efficient machines to mine Bitcoin, thus boosting energy consumption.
The high power consumption of Bitcoin mining also makes it increasingly important to switch to low-carbon energy generation. According to the Cambridge Bitcoin Power Consumption Index of the University of Cambridge, the power consumption of Bitcoin is closely related to the financial cost of mining and the expected price development of Bitcoin. In his FAQ on power consumption, he said that as low-efficiency hardware is put back into use, rising bitcoin prices and/or falling power costs usually lead to increased power consumption.
Earlier this year, Tesla’s Elon Musk announced that his company would stop accepting Bitcoin from customers for its electric cars due to concerns about the environmental impact of virtual currencies. However, at the Bitcoin-focused B Word conference held in July, Musk stated that once Tesla “confirms that the percentage of renewable energy use is most likely to reach or exceed 50%, and that number tends to increase. , Tesla will resume the use of Bitcoin.” Reuters reported that Musk was quoted as saying.
As for the countries that mine the most bitcoin, China’s monthly average share of global bitcoin mining power is 46% in April 2021, followed by the United States with 16.8%, Kazakhstan with 8.2% and Kazakhstan with 16.8%. From 6.8%.