Highlights

  • Crypto mining adding huge pressure on global energy consumption 
  • China banned crypto mining due to high usage of energy 

Latest news

50% beneficiaries get two shots, cases see an uptick in 30 districts

50% beneficiaries get two shots, cases see an uptick in 30 districts

15 suspected Omicron patients admitted to Delhi's LNJP hospital

15 suspected Omicron patients admitted to Delhi's LNJP hospital

Manchester City secure top spot after beating Watford 3-1

Manchester City secure top spot after beating Watford 3-1

West Ham spoils table leaders Chelsea's outing with 3-2 win

West Ham spoils table leaders Chelsea's outing with 3-2 win

Security tightened in Mathura over threat to install Krishna idol in mosque

Security tightened in Mathura over threat to install Krishna idol in mosque

Crypto, the climate criminal: Shocking facts of global energy usage

Electricity consumption of Bitcoin is more than Google, Apple, Facebook and Microsoft combined.

If you thought financial stability and money laundering are the only two big concerns around crypto you would be mistaken. The growing crypto craze is turning out to be the one of the biggest threats to the environment. Here are shocking facts about the new climate criminal in town-:

  • A University of Cambridge analysis estimated that bitcoin mining consumes 121.36 terawatt hours a year. This is more than all of Argentina consumes, or more than the consumption of Google, Apple, Facebook and Microsoft combined.

  • Between 2015 and March of 2021, Bitcoin energy consumption increased almost 62-fold. According to Cambridge University, only 39 percent of this energy comes from renewable sources, and that is mostly from hydropower, which can have harmful impacts on ecosystems and biodiversity.

  • Bitcoin, which dominates more than 40% of the crypto market, has a carbon footprint comparable to that of Chile, producing 91.58 megatons of CO2 annually, this is as per Digiconomist’s Bitcoin Energy Consumption Index.

  • Bitcoin consumes around 192.80 TWh of power which is as much power as Thailand uses and most of this power is generated through coal, as experts say.

  • The energy footprint of one bitcoin transaction is equivalent to 4.53 lakh payments on the Visa network.

  • The Bitcoin network also generates significant quantities of electronic waste (e-waste). The reason for this is that Bitcoin mining is done with specialized (singular purpose) hardware, which becomes obsolete roughly every 1.5 years.

  • Bitcoin’s annual electronic waste generation -- 30.7 metric kilotons or 272g per transaction on average -- is comparable to the small IT equipment waste produced by a country such as the Netherlands.

It was because of these very climate concerns that China cracked down on crypto mining hoping to reduce the enormous energy consumption that was working against China’s goal to be carbon neutral by 2060

Also read/watch: Crypto Crushed! Flashback to when Malaysia destroyed 1000 Bitcoin mining rigs with a steamroller

Up Next

Crypto, the climate criminal: Shocking facts of global energy usage

Crypto, the climate criminal: Shocking facts of global energy usage

Google's Sundar Pichai praises India startups, check out what he has to say

Google's Sundar Pichai praises India startups, check out what he has to say

Mukesh Ambani backs Blockchain tech; 'can change financial world'

Mukesh Ambani backs Blockchain tech; 'can change financial world'

Serve notice period or get taxed

Serve notice period or get taxed

CNG price hike again! Fourth price hike in just 10 weeks

CNG price hike again! Fourth price hike in just 10 weeks

Bounce launches electric scooter with swappable battery! Ola gears for competition

Bounce launches electric scooter with swappable battery! Ola gears for competition

More videos

Gita Gopinath elevated to No. 2 position at IMF, to take up post early next year
Maruti Suzuki's new year gift, one more round of price-hike on its cars
You will now be able to book an Uber via WhatsApp
This is how Telegram stock channels make lakhs per free tip; SEBI cracks down
Trade Data: Gap between imports and exports at record high in November
Your Complete Crypto Guide: The Good, The Bad and The Ugly!
Petrol gets cheaper: Delhi Govt finally cuts tax on fuel
This company has moved to a four-day work week without cutting pay
Crypto Crushed! Flashback to when Malaysia destroyed 1000 Bitcoin mining rigs with a steamroller
Fabulous 40! Upstox gets unicorn status, 40th startup this year