Categories: Broadband

Bitcoin Network Consuming More Energy Than Switzerland

Share

It is a well-established fact that Bitcoin needs significantly higher electricity, which is utilized by miners globally for running the computer system necessary for network maintenance and payment validation.

According to fresh estimates released by researchers at the University of Cambridge, Bitcoin consumes more energy than the entire Swiss nation. An online tool launched last week called the Cambridge Bitcoin Electricity Consumption Index (CBECI) estimates how much energy is needed to maintain the Bitcoin network in real time.

The index has been developed in response to growing concerns over the sustainability and environmental impact of Bitcoin mining, which relies on computation-heavy cryptographic operations that require significant amounts of electricity.

advertisement

The CBECI is currently saying that the worldwide Bitcoin network consumes more than 7 gigawatts of electricity. Over the course of a year, the energy consumption is about 64 TWh or terawatt hours. This is more than Switzerland utilizes over the same span of time (58 TWh a year). As noted in the official blog post that announced the CBECI:

Reliable estimates of Bitcoin’s electricity usage are rare: in most cases, they only provide a one-time snapshot and the numbers often show substantial discrepancies from one model to another.

Although the figures are estimated, it certainly evokes many questions and concerns over the environmental effects, especially the massive carbon footprint that such a huge energy consumption can lead to considering that the bitcoin is not widely used- imagine the environmental effects bitcoin would produce if it is the only currency in the world. This kind of study certainly gives a wake-up call to bitcoin fanatics who want the cryptocurrency to be the sole tender of the world.


Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, chat with us using the chat feature at the bottom right of this screen

View Comments

  • You see, in order to make money FASTER, we have developed powerful scalping algorithms that make picking off profits on the 1-minute and 5-minute timeframes extremely easy http://bit.ly/2WXvMUS

    Cancel reply
Published by
Alvine Chaparadza

Recent Posts

ZESA increased by 50% last week then by another 50% today and it will increase by 50% on 1 November

So we are getting dizzy with the electricity tariff increases. On 23rd September (just over…

October 1, 2020

EcoCash joins ZimSwitch, you can now send money from EcoCash to OneMoney and other accounts directly

Last month the RBZ's Monetary Policy Statement revealed that the date for ZimSwitch becoming the…

October 1, 2020

Within days ZESA increases tariffs by a further 50% with effect from today

Last week ZESA, through a communique, announced the increase in electricity tariffs by 50%. In…

October 1, 2020

Video: Amazon Echo Dot does some very cool things but should you buy it?

The Amazon Echo Dot is an entry level smart speaker from the e-commerce giant Amazon.…

September 30, 2020

Download: Veritas legal comment on Cybersecurity and Data Protection Bill

The Government of Zimbabwe proposed Cybersecurity and Data Protection Bill is being fast tracked into…

September 30, 2020

Facebook is bringing Messenger into Instagram DMs

If we take a little trip back in time to early last year Facebook, according…

September 30, 2020