Bitcoins use more electricity than Argentina – Vorarlberger Nachrichten

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 The  digital currency Bitcoin annually consumes more electricity than the entire country of Argentina, according to an analysis by scientists from Cambridge University. Accordingly, the cryptocurrency consumes around 121.36 terawatt hours (TWh) per year. In contrast, the whole of Argentina, with around 45 million inhabitants, only consumes 121 TWh.

“Bitcoin mining” is a big power hog. © www.de24.news

 The  recent sharp rise in the price of the cryptocurrency would motivate more and more people to mine more Bitcoins. © www.de24.news

 The  scientists complain that the highly complex computing processes on more and more computers are consuming ever larger amounts of electricity.

© www.de24.news

 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, if the Bitcoin system were a state, it is among the 30 largest electricity-consuming countries.

© www.de24.news

 The  author David Gerard sees the power consumption of the Bitcoin system continue to rise, and the associated CO2 emissions from the cryptocurrency. “It is very bad that all this energy is literally wasted in a lottery.” © www.de24.news

 The  latest price rally was triggered by an announcement by the electric car maker Tesla that it would invest in Bitcoin.

In 2020, Tesla received environmental subsidies amounting to $ 1.5 billion (1.24 billion euros), which the taxpayers financed for the US group. “And they spend $ 1.5 billion on Bitcoin, most of which is generated using electricity from coal-fired power plants. © www.de24.news

 The se subsidies have to be checked, ”Gerard demands.

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 up of water in 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.





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https://www.vn.at/newsticker/bitcoins-verbrauchen-mehr-strom-als-argentinien-2/2047336

Bitcoins electricity Argentina Vorarlberger Nachrichten

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