According to data provider TradingPlatforms, the world’s largest search engine Google uses 12TWh of electricity, which is about 12th the energy use of bitcoin. Facebook requires 5TWh of electricity to function, accounting for just 3.5 percent of the cryptocurrency’s electricity needs. Countries like Norway and Switzerland require 124TWh and 56TWh of electricity respectively.
Edith Reeds, author of TradingPlatforms, says these figures ‘paint a grim picture for Earth’. He says that this figure is bound to increase due to the increasing mining of bitcoin.
According to a study by data provider Money Supermarket, bitcoin is the most electricity-consuming cryptocurrency. Its single transaction requires an average of 1,173 kilowatt-hours (kWh) of electricity. How high this is, you can understand that the electricity requirement for a family in the UK for a month is 350kW-hours. That is, the amount of electricity required in one bitcoin transaction can be given to a house in the UK for more than three months.
Ethereum, the world’s second largest cryptocurrency, requires 87.29kWh of electricity for every transaction. This is 7.4 percent of the need for bitcoin. It is followed by Bitcoin Cash and Litecoin. They require 19kWh of power, while other cryptocurrencies require less than 1kWh of power.
Researchers at the University of Cambridge reported in April that the annual energy consumption of bitcoin exceeds that of the United Arab Emirates. In June, China shut down bitcoin mining in Sichuan province due to environmental concerns stemming from bitcoin mining.
According to data from CoinMarketCap, as of Thursday morning, the price of bitcoin was at $46,412.75, which is down about 3% over the past 24 hours. The overall cryptocurrency market has exceeded $2.17 trillion.