Bitcoin’s annual energy usage is already a 2020 research-study

While there are many concerns about the use of Bitcoin, new analysis shows that the network has consumed more energy than it did last year.

Increasing energy consumption of Bitcoin

According to Bloomberg, “the network consumes about 67TWh of electricity by 2020 and its total consumption will exceed this by 2021.” By the end of the year, analysts predict that Bitcoin will use 91 TWh to compete with Pakistan. More information predicts even higher numbers at 95 TWh.

But that number is likely to change. Earlier this year, events in China, such as the Bitcoin mine explosion, dropped to 68 TWh in June and took a huge amount of hash power from the Bitcoin network, which rose to 141TWh in May.

In general, as Bitcoin prices rise, so does energy consumption. Mining: Bitcoin Network’s most energy-intensive feature: Regularly rewards those who use a lot of energy with new bitcoins. According to the report, mining will be more efficient by attracting more power to the network as the price of Bitcoin increases – albeit less effectively.

Is Bitcoin Energy a Matter of Death?

Many people make the mistake of equating energy consumption with environmental damage – this is not true when it comes to Bitcoin.

Elon Mook raised concerns about Bitcoin’s carbon footprint since July, after concerns were raised in May. This is mainly due to the high migration of hashish energy from China – coal-dependent mining country – to areas with low-cost renewable energy options such as Texas.

In addition, the July “B-Word” conference provided some insights into the fact that Bitcoin has always been relatively renewable. Figures indicate 34-46% of sustainable energy use on the network, accounting for only 0.1% of global CO2 emissions.

Even Elon Musk admits that Bitcoin mining is becoming more and more popular in renewable sources and that it will continue to accept Bitcoin for Tesla purchases.

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