Rising interest in bitcoin has triggered not only rising prices and the never-ending debate about whether it's bubbles, but also a huge increase in consumer spending. electricity throughout the world.
According to the Digiconomist bitcoin energy consumption index, as of November 20, the estimated annual electricity consumption of bitcoin is 29.05 billion kilowatt hours (kWh). The figure represents 0.13 percent of the world's electricity consumption.
According to the UK Power Compare comparison site, bitcoin mining currently uses more electricity than 159 individual countries.
If bitcoin miners were a country, it would rank 61st in the world based on electricity consumption, comparable to Morocco or Slovakia.
"If it continues to increase at this rate, Bitcoin mining will consume global electricity by February 2020", Power Compare reports.  The website also compares global mining revenues, which currently total $ 7.2 billion, with mining costs estimated at around $ 1.5 billion. The figures show that the world's number one digital currency is still worth extracting.
According to estimates by Power Compare, bitcoin mining could provide power to 2.4 million Americans and 6.1 million Britons.
"Mining consumes more electricity from 12 US states: Alaska, Hawaii, Idaho, Maine, Montana, New Hampshire, New Mexico, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming ", the researchers claim.
According to the previous map Ireland currently uses an estimated 25 billion kWh of electricity per year, so the global consumption of bitcoin is 16 percent more than the country consumes. Britain consumes approximately 309 billion kWh of electricity per year, so the global consumption of bitcoin alone equals 9.4 percent of the UK total.