Bitcoin power consumption surpasses many countries
Cryptocurrencies such as Bitcoin have been criticized for their price volatility, high transaction costs and instability, low security, and their use in illegal transactions. In addition, the process of mining, the process of adding new Bitcoin to the crypto ecosystem, has been severely criticized for its enormous power consumption.
Mining requires the calculation of complicated mathematical formulas and requires expensive computer equipment with high computing power, which consumes tremendous energy. Currently, the amount of electricity used in the Bitcoin network is 142.59 terawatt hours (TWh) per year, which is higher than the electricity consumption of many countries. If Bitcoin were a country, it would be the 27th largest electricity consumer in the world as of May 2021. Its annual electricity consumption exceeds Norway (124TWh), more than double that of Bangladesh (70TWh).