An employee works on bitcoin mining computers at Bitminer factory in Florence, Italy, April 9, 2018. Picture taken April 9, 2018.

Bitcoin doubled its global electricity consumption in six months

0.5%

Cryptocurrencies require massive amount of power, and they’re on track to account for 0.5% of the world’s electricity use by the end of the year.

Published   |  Photo by Reuters/Alessandro Bianchi
An employee works on bitcoin mining computers at Bitminer factory in Florence, Italy, April 9, 2018. Picture taken April 9, 2018.
0.5%

In the last six months, bitcoin mining has doubled its energy usage, despite attempted crackdowns, regulation, and extreme price fluctuations.

An employee works on bitcoin mining computers at Bitminer factory in Florence, Italy, April 9, 2018. Picture taken April 9, 2018.
0.5%

Economist Alex de Vries believes current projections put bitcoin on track to someday account for 5% of the world’s electricity use.

An employee works on bitcoin mining computers at Bitminer factory in Florence, Italy, April 9, 2018. Picture taken April 9, 2018.
0.5%

Processing power devoted to bitcoin mining

An employee works on bitcoin mining computers at Bitminer factory in Florence, Italy, April 9, 2018. Picture taken April 9, 2018.
0.5%

Those estimates are still conservative: His study doesn’t account for illegal crypto activity and hidden, unsourced bitcoin mining.

An employee works on bitcoin mining computers at Bitminer factory in Florence, Italy, April 9, 2018. Picture taken April 9, 2018.
0.5%

As Grist points out, even the current growth rate of bitcoin’s electricity consumption would effectively cancel out decades of environmental gains from renewable energy.

An employee works on bitcoin mining computers at Bitminer factory in Florence, Italy, April 9, 2018. Picture taken April 9, 2018.
0.5%

The energy it takes to mine a single bitcoin could power 100,000 Visa transactions—or a US home for one month.

An employee works on bitcoin mining computers at Bitminer factory in Florence, Italy, April 9, 2018. Picture taken April 9, 2018.
0.5%

Bitcoin price

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