According to a new study, Bitcoin power consumption has already used more energy so far in 2021 than it consumed in all of the previous year. By the end of 2021, it is estimated that the bitcoin network will consume 91 TW/h. The Bitcoin energy consumption 2020 has already used over 67 TW/h. In the cryptocurrency energy consumption list, Bitcoin is leading.
The precise Bitcoin power consumption figures are variable and cannot be calculated easily, but the prevailing trend is clear that it is increasing.The University of Cambridge uses a Bitcoin power consumption calculator that tracks the energy consumed. As per the latest estimates of the Cambridge Bitcoin Electricity Consumption Index, BTC is ready to consume an even higher 95.68 TW/h by the end of 2021. This amount is equal to the entire power consumption of the Philippines.
A separate report by Science Direct has emphasized another problem which is electronic waste. E-waste generally implies discarded computer equipment and also electronics. The study recommends that one transaction on the BTC network releases 272 grams of e-waste, which is mostly made up of old mining amenities.
It further added that the Bitcoin miners
“Cycle through a growing amount of short-lived hardware that could exacerbate the growth in global electronic waste.”
By adding that its total generation of annual e-waste summed up to 30.7 metric kilotons as of May 2021.
Portraying that through to the end of 2021 the study stated,
“Bitcoin could produce up to 64.4 metric kilotons [64,400 tons] of e-waste at peak Bitcoin price levels seen in early 2021.”
The e-waste that is being released for every transaction is nearly half the weight of the new iPad. But to put that in this relevance, Apple itself could be encountering a massive e-waste issue with more than 1.65 billion devices operating on the ecosystem as of last year as per the CEO Tim Cook. This could end up in as much as 250,000 metric tons of electronic waste when they become outmoded according to Zdnet.
Bitcoin accounts for nearly 0.11 percent of the predicted global total for e-waste in this year, which is equal to 57.4 million metric tons as per a report.
The Bitcoin power consumption is also less in context, depending on the user’s view point. As a percentage of the combined global electricity consumption, Bitcoin mining accounts for just 0.43%. This amount is less than the estimated 104 TW/h that is being used by refrigerators in the United States alone as per a report by theCambridge University.
The Bottom Line
While the Bitcoin power consumption is huge, ever since the greater miner shifted from China in May 2021. But now, the institutions and individuals associated with Bitcoin mining are shifting towards greener and safer means to conduct the mining process. Crypto enthusiasts believe that with time the energy consumption by Bitcoin will also change for a better world.
Frequently Asked Questions On Bitcoin Power Consumption
As per reports, Bitcoin energy consumption per transaction takes 1,544 kWh to get completed, or the similar of nearly 53 days of power for the average U.S house.
Based on reports, the entire sustainable power mix can be as high as 56 percent, making Bitcoin mining one of the most sustainable sectors globally.