Bloomberg: energy consumption of bitcoin miners has grown significantly this year – Bits Media

According to research by Bloomberg, by the end of this year, the energy consumption of bitcoin miners will exceed 91 TVt / h, whereas in 2020 year this figure was about 67 TVt / h.

Bitcoin has long been criticized for its, that its extraction can harm the environment environment. Bloomberg researchers only “added fuel to the fire”. They published a report, Which is said, that the annual electricity use for Bitcoin mining is estimated at 91 TWh - this is how much Pakistan spends annually. However, this figure is constantly changing. Looking at the Cambridge Bitcoin Electricity Consumption Index (CBECI), today this figure has already reached 95 TVt / h.

This figure is very different from the previously recorded figure in 141 TVt / h, when China had not yet introduced a ban on mining. In connection with the relocation of mining capacities to Kazakhstan, Canada and other jurisdictions, amount of electricity, spent on Bitcoin mining, began to grow again.

According to researchers at the University of Cambridge, only 39% Bitcoin mining electricity comes from renewable sources. In this way, about 58 TWh of electricity used to mine BTC may contribute to greenhouse gas emissions. This can be compared to burning 4.6 billion gallons of gasoline.

Many in the cryptocurrency community are trying to make mining greener.. In March, Argo Blockchain announced plans to launch the first environmentally friendly Bitcoin mining pool., which will use energy, generated at hydroelectric power stations. However, Tesla CEO Elon Musk recently said, that the industry's transition to renewable energy is happening too slowly.