Ireland and most African countries use less electricity annually than the amount used to process bitcoin transactions so far this year.
Bitcoin mining consumes more electricity a year than Ireland
Bitcoin’s “mining” network uses more electricity in a year than the whole of Ireland, according to statistics released as the currency broke $9,000 for the first time. According to Digiconomist the estimated power use of the bitcoin network, which is responsible for verifying transactions made with the cryptocurrency, is 30.14TWh a year, which exceeds that of 19 other European countries. At a continual power drain of 3.4GW, it means the network consumes five times more electricity than is produced by the largest wind farm in Europe, the London Array in the outer Thames Estuary, at 630MW. At those levels of ... (full story)