Bitcoin consumes 'more electricity than Argentina'
Bitcoin uses more electricity annually than the whole of Argentina, analysis by Cambridge University suggests.
"Mining" for the cryptocurrency is power-hungry, involving heavy computer calculations to verify transactions.
Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps.
Critics say electric-car firm Tesla's decision to invest heavily in Bitcoin undermines its environmental image.
The currency's value hit a record $48,000 (£34,820) this week. following Tesla's announcement that it had bought about $1.5bn bitcoin and planned to accept it as payment in future.
But the rising price offers even more incentive to Bitcoin miners to run more and more machines.
And as the price increases, so does the energy consumption, according to Michel Rauchs, researcher at The Cambridge Centre for Alternative Finance, who co-created the online tool that generates these estimates.
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Atlantis Viewpoint
"Mining" for the cryptocurrency is power-hungry, involving heavy computer calculations to verify transactions. To increase profits, people often connect large numbers of miners to the network - even entire warehouses full of them. That uses lots of electricity because the computers are more or less constantly working to complete the puzzles. A carbon tax on cryptocurrencies could be introduced to balance out some of the negative consumption, Mr Gerard suggested.
We believe that true clean sources of energy can power all of the current and future technology humanity needs in a safe way. We just need to replace old dirty fossil power plants with clean sources of energy, like Solar, Wind, Geothermal and Tidal. Carbon taxes would only justify the expenses of dirty energy, and won't promote the change we need. A clean future is possible if necessary changes are made. Let us solve the root causes of the problem!
