The digital currency Bitcoin uses more electricity annually than the whole country of Argentina, according to an analysis by scientists at Cambridge University. Accordingly, the cryptocurrency consumes around 121.36 terawatt hours (TWh) per year.
The whole of Argentina with its around 45 million inhabitants, on the other hand, uses only 121 TWh. Meanwhile, the rally in most cryptocurrencies continued on Saturday the Bitcoin-Course was nearing the $ 60,000 mark.
The highly complex computing processes on more and more computers are consuming ever larger amounts of electricity,” the scientists complain.
The high power consumption of Bitcoins is inherent in the system and will only decline when the rate falls again, according to the scientists in a BBC report. According to calculations by the Cambridge Center for Alternative Finance, that is BitcoinSystem, if it were a state, among the 30 largest electricity-consuming countries.
Energy “wasted in the lottery”
The author David Gerard sees the power consumption of the BitcoinSystem will continue to rise, and the associated CO2 emissions from the cryptocurrency. “It is very bad that all this energy is literally wasted on a lottery.”
The most recent rally was due to an announcement by the electric car maker Tesla, in Bitcoin to invest has been triggered.
Tesla received $ 1.5 billion in environmental grants in 2020, which taxpayers financed for the US group. “And they give $ 1.5 billion for Bitcoin most of which are generated with electricity from coal-fired power plants.
The se subsidies have to be checked, “demands Gerard.
For comparison: According to E-Control, around 63.7 TWh of electricity were supplied to customers in Austria in the corona crisis year 2020 (minus 3.3 percent compared to 2019 and around the level of 2009) – around 10 TWh less than the total domestic electricity consumption, which was 73.5 TWh. This difference of 10 TWh was necessary for the system of pumped storage, i.e. the pumping of water into storage systems, as well as to cover network losses and to draw power plants from the network, e.g. to start up caloric systems. An average Austrian household consumes around 4,400 kilowatt hours of electrical energy per year.
Course over $ 57,000
The rally in most cryptocurrencies continued on Saturday. So the rose Bitcoin-Course at noon to around $ 57,500 before it crumbled a bit. Most recently, the best-known and most important cryptocurrency on the Bitstamp trading platform cost $ 56,500, around $ 1,000 less, but was still slightly above Friday’s level. At the end of the week it was Bitcoin worth more than $ 55,000 for the first time, breaking the $ 1 trillion mark for total market capitalization.
As a result of the soaring that has lasted for weeks and months, the rates of many other digital currencies such as Ethereum, Binance Coin or Polkadot are also increasing. Because of this, the proportion of Bitcoin
The overall market for cryptocurrencies has recently fallen slightly despite the massive price gains. According to a list of the website www.coinmarketcap.com, this was last only a little more than 60 percent, after it had been more than 70 percent some time ago.