ENERGY

Revealed: Bitcoin consumes more electricity than several Mideast countries

The study also found that Bitcoin “consumes more energy on an annual basis than all but three of the 54 countries in Africa." (Courtesy: Big Think/Digiconomist)

The electricity consumption of the Bitcoin cryptocurrency is bigger than that of Syria, Jordan, Yemen, Oman and Bahrain, a report has revealed.

The Bitcoin Energy Consumption Index (BECI) maintained by Digiconomist, found that every individual Bitcoin transaction eats up 275 kWh of electricity, and the latest estimate of Bitcoin's total annual energy consumption is in the vicinity of 29.05 TWh.

That is the equivalent of 0.13% of the entire world's annual energy consumption, according to the Big Think news site.

The study also found that Bitcoin “consumes more energy on an annual basis than all but three of the 54 countries in Africa. Only Algeria, Egypt and South Africa out-consume the virtual currency. But not otherwise large and important countries like Nigeria, DR Congo or Kenya.”
 

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Last Update: Sunday, 4 March 2018 KSA 13:09 - GMT 10:09
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