Bitcoin uses more electricity annually than the whole of Argentina and the United Arab Emirates, according to an analysis by Cambridge University.
Bitcoin has grown tremendously since its invention in 2008 and has evolved into a prevailing investment made by famous billionaire investors, institutions, and retail investors alike.
The data from the Cambridge Center for Alternative Finance shows that Bitcoin’s electricity consumption of 121.05 terawatt-hours (TWh) surpasses that of Argentina at 121 TWh and the United Arab Emirates at 113.20 TWh, and it close to that of Norway with a consumption of 122.20 TWh per year.
The Cambridge researchers said the energy Bitcoin uses could power all kettles used in the UK for 27 years.
The electricity consumed for Bitcoin corresponds to 0.56% of all the electricity consumption worldwide.
According to official figures, the annual electricity consumption of bitcoin corresponds to around 40% of Turkey’s annual electricity consumption, which in 2020 totaled 305.4 TWh.
Tesla's CEO Elon Musk's behavior has been raising eyebrows for investors with his support of two cryptocurrencies through his social media account in recent weeks.
The value of Bitcoin hit a record $48,000 this week after Tesla's announcement that it had bought about $1.5 billion in bitcoin and with the company’s plan to use it in future payments.
Bitcoin reached over $38,000 in a single day following Musk’s writing on Bitcoin on his Twitter profile page on Dec. 29, while his numerous tweets on Dogecoin resulted in an over 800% increase in this cryptocurrency since Jan. 28.
By Murat Temizer