In recovering value since mid-June, Bitcoin would have a significant energy expenditure. At least, this is what signals a study made by an online tool called the Bitcoin Electricity Consumption Index of Cambridge (CBECI).
According to the survey, the energy consumption of cryptom idea is similar to Switzerland’s total use in one year. In addition, it equates to 0.21% of the world’s electricity or to the generation of seven nuclear plants similar to that of Dungeness in the United Kingdom.
Considering that the encrypted currency moves less than 100 million financial transactions per year, such a large expense would have to do with the amount of machinery for mining.
People would ride to rooms full of these computers in order to make more profits. The need exists because of the difficulty in resolving the species of “jigsaw” needed in Bitcoin’s transactions. The entire process, with several machines, would have a high consumption of electricity.
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According to Bitcoin energy expert Alex De Vries, the relevant part is in the so-called carbon footprint of the digital currency. It would be linked to the electricity resources used in crypto maintenance.
“Bitcoin still seems to use much more energy per transaction than all the banks in the world combined, considering the amount of power used by data centers.”
Alex De Vries
Bitcoin Energy Specialist