Bitcoin in this era of increased criticism for over-consuming companies happened to coincide with the creation of an online tool that allows users to compare the mind-boggling energy consumption of Bitcoin to other entities (such as Switzerland), released by the University of Cambridge last year.
At the time that this platform debuted, the tool estimated that “Bitcoin is using around seven gigawatts of electricity, equal to 0.21% of the world’s supply”
This week, Engadget released another damning report on Bitcoin’s energy footprint–which is still increasing. “Turns out that plugging a bunch of computers into our electrical grid that do nothing but draw current and hash through algorithms has had some negative environmental impacts,” the article begins with a wry smirk.
“Recent studies suggest that Bitcoin-related power consumption has reached record highs this year — with more than seven gigawatts of power being pulled in the pursuit of the suspect digital currency.”
The Engadget article references a brand new study released Monday from the Cambridge Center for Alternative Finance, which “estimates that the global bitcoin mining industry uses 7.46 GW, equivalent to around 63.32 terawatt-hours of energy consumption. The study also notes that miners are paying around $0.03 to $0.05 per kWh this year.
Given that a March estimate put the cost to mine a full bitcoin is around $7,500, the average miner still stands to make over $4,000 in profit from the operation.”
