Bitcoin power consumption ‘66 times higher than in 2015’: Citigroup
The debate over the energy consumption of bitcoins is heating up faster than the planet. Companies are under pressure from the public and shareholders because of investments in bitcoin.
Bitcoin consumes 66 times more electricity than it did in 2015, according to a report by Citigroup Inc. She added that carbon dioxide emissions related to mining are likely to receive more attention, Bloomberg reported.
This is supported by a new study by Mastercard, which has just published its own carbon calculator and shows that 54% of respondents believe that environmental protection is more important today than it was before the COVID 19 model.
This is also what analysts at Citigroup said:
As the value of bitcoin rises, so does its energy consumption.
However, network consumption is growing much more slowly than prices, which have increased 170-fold over the same period.
According to the Citigroup report, which cites figures from the University of Cambridge’s Centre for Alternative Finance, the global demand for electricity from the Bitcoin network has reached 143 terawatt hours per year. This is about 4% more than Argentina’s total electricity generation in 2019.
The Cambridge Bitcoin Electricity Consumption Index (CBECI) currently estimates bitcoin’s annual electricity consumption at 141.6 TWh per year, somewhere between Sweden and Malaysia.
The report suggests that China may stop mining due to environmental concerns:
The mining and use of these coins is undoubtedly energy intensive and could face more regulatory scrutiny as their reach expands, especially if the U.S. continues to expand its presence in cryptocurrencies and if market leader China begins to crack down on bitcoin mining if its climate goals are compromised, he said.
The environmental impact of bitcoin has been much debated, and many arguments have been refuted or at least proven to be much more complex than opponents assume. In late March, Nick Carter, co-founder of Coin Metrics, published a reasoned rebuttal to some of these central claims.
He noted that energy is abundant in all four Chinese provinces and that most of BTC’s output comes from solar, wind and hydro power. In addition, the Chinese government effectively reduces electricity or sequesters electricity by removing excess power from the grid or from government consumption, often to maintain price levels.
Miners tend to use the cheapest electricity available to maintain their profits. Every year, migrants come to Sichuan province to take advantage of cheap hydroelectricity during the rainy season. Studies show that between 39% and 76% of bitcoin mining uses renewable energy.
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