Bitcoin Mining Consumes More Power Than in 159 Countries

Mining Bitcoin is expensive! This probably already knew many people, but how expensive exactly now has the British company Power Compare evaluated and calculated. The result: bitcoin mining power consumption is more expensive year-on-year than in 159 countries around the world.

The "digging" of bitcoins is no longer possible by anyone as in the early years of Bitcoin. For a number of years, mining has been largely dominated by companies in China, where electricity is still relatively cheap there. The Bitcoin mines are gigantic in size and contain thousands of computers with only one task: solving the complex mathematical tasks in order to receive bitcoin as a reward.

However, calculating the bitcoins consumes a tremendous amount of power. Power Compare has now evaluated that the mine consumes about 29 terawatt hours (TWh) per year. Compared to all countries in the world, 159 individual countries are more economical in their annual electricity consumption.

Countries like Iceland or Croatia use less electricity than Bitcoin. Croatia needs 16.79 TWh per year, Iceland 16.79 TWh. Germany and Austria are even more in need of electricity: Austria needs 70 TWh, Germany 528 TWh per year.

The map of Power Compare shows which countries currently use more or less power than the worldwide Bitcoin mining. The orange countries consume less electricity, the gray countries more electricity than Bitcoin:

According to Power Compare, bitcoin mining power consumption is "only" 0.13% of the world's total power consumption. If Bitcoin were a country, it would currently rank 61th in a ranking of electricity consumption! The study also shows that bitcoin consumption alone increased by about 30 percent last year.

Also very interesting is the estimate of Power Compare in terms of estimated revenues and expenses for bitcoin mining. The study estimates that $ 7.2 billion will be raised annually. This is offset by spending, primarily for the estimated $ 1.5 billion of electricity.

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