A new study shows that so far this year, Bitcoin has used more electricity than the entire year of 2020.
By the end of this year, the Bitcoin network will consume 91 TW/h (terawatt hours or 1 trillion watts per hour), and according to September 13 Bloomberg report.
precise Energy consumption data They are variable and not easy to calculate accurately, but the trend is clear-they are increasing.The Cambridge Bitcoin Power Consumption Index is currently estimate By the end of the year, the consumption of BTC will reach 95.68 TW/h. This is roughly the same as the electricity consumption in the Philippines.
Independence Learn Science Direct highlighted another issue-e-waste. E-waste generally refers to discarded computer equipment and electronic products. The report shows that a transaction on the Bitcoin network will generate 272 grams of e-waste, most of which are old mining equipment.
It added that Bitcoin miners “recycle more and more short-lived hardware, which may exacerbate the growth of global e-waste”, adding that as of May 2021, the total amount of e-waste generated each year was 30.7 mt.
It is expected that by the end of the year, the study states:
“Bitcoin can produce up to 64.4 metric tons [64,400 tons] E-junk at the peak level of Bitcoin prices in early 2021. “
The e-waste generated by each transaction is about half the weight of the latest iPad. But according to CEO Tim Cook, as of last year, Apple itself may be facing a huge e-waste problem, with more than 1.65 billion devices running on its ecosystem. This may cause up to 250,000 metric tons of e-waste to become obsolete. Data network.
It is estimated that by 2021, Bitcoin will account for approximately 0.11% of the total global e-waste, or 57.4 million tons. Statistician.
Bitcoin’s energy usage is also very small in the context, it depends on your point of view. Bitcoin mining only accounts for 0.43% of the total global electricity consumption. According to data from the University of Cambridge, this is lower than the estimated value of 104 TW/h for refrigerators in the United States alone.
More humorous View The Onion investigated the power consumption of Bitcoin and stated that the computing power used for BTC mining is actually saving mankind from destruction. The logic behind the ironic premise is that if the world’s computers get rid of the need to mine cryptocurrency, otherwise “it is very likely that this computing power will be applied to self-awareness and ultimately annihilate humans.”
Although Bitcoin mining does consume a lot of energy, since a large number of miners left China, more energy is renewable because New and relocated farms and factories go online in the U.S. And Canada is powered by green energy.