Bitcoin mining consumes more electricity than Ireland

The new value is going to cost you!

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BITCOIN “MINING” CONSUMES MORE ELECTRICITY A YEAR THAN IRELAND 

As BitCoins becomes increasingly popular worldwide, BitCoin mining is using more and more electricity as a result. As the currency grows the rate increases, more and more companies are mining the coins (monitoring and making transactions) BitCoin farms around the world are full of thousands of computers, working around the clock, moving the crypto currency around, usually for illegal purposes.

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.

Every individual BitCoin transactions consumes enough energy to boil 36,000 kettles full of water. As the price of BitCoin goes up so does the value of the reward, meaning more and more people are starting to become miners, using more and more computers on bigger and more versatile farms.

BitCoin is offering a new and sometimes scary route for finance, with most people associating the online currency to crime, regardless of its use, with no centralised authority over looking this new industry of finance, it will continue to grow and use more and more electricity.

Brad Davidson | OG