Cryptographic assets such as Bitcoin can be obtained newly issued cryptographic assets by performing a process called mining that solves complex calculations using computers. To perform mining efficiently, large-scale computer equipment is required, and mining is performed while consuming enormous power worldwide. The University of Cambridge, UK, is releasing the Cambridge Bitcoin Electricity Consumption Index (CBECI), which clearly shows the amount of electricity consumed by Bitcoin mining.
The CBECI website updates the theoretical minimum and maximum theoretical estimates for the power consumption of Bitcoin mining around the world every 30 seconds. Currently, a minimum of 4.20 GW, an estimated 13.41 GW, and a maximum of 46.14 GW every 30 seconds are consumed by Bitcoin mining. In addition, the annual average power consumption is at least 42.05TWh, estimated at 123.99TWh and the maximum is 281.76TWh.
Looking at the power consumption from October 2015 to February 2021, overall power consumption is on an increasing trend, and it can be seen that it has increased rapidly from November 2020. The total global power generation is 25,092 TWh. Among them, the amount of power consumed by bitcoin mining is 0.49%. In addition, the total power consumption in the world is 2863TWh, and the power consumption by bitcoin mining accounts for 0.57% of this.
Looking at renewable energy, the amount of electricity charged and generated by hydroelectric power around the world is 4164TWh, which is 34 times more power than the amount of electricity consumed by bitcoin mining. In addition, power generation using biofuels and waste generates 577TWh power, equivalent to five times the amount of power consumed by bitcoin mining. Solar or wind power generation generates 1405TWh power, which is 11 times the amount of electricity consumed by bitcoin mining.
Compared to the power consumption of countries around the world, the amount of power consumed by bitcoin mining consumes more than 110.68TWh in the Netherlands and 119.45TWh in the United Arab Emirates. If you put bitcoin mining power consumption in the power consumption ranking by country, it is ranked 31st. It can be seen that the power consumption by bitcoin mining has reached the national level.
When comparing the amount of electricity consumed by bitcoin mining by country, China ranked first with 65.03% of the total, followed by 7.24% in the US and 6.9% in Russia. In addition, CBECI is comparing the amount of power consumed by bitcoin mining with various power consumption. For example, devices that are always on but not in use in the United States consume 1.8 times the amount of power consumed by bitcoin mining. In addition, if the amount of energy consumed per year by bitcoin mining is converted into energy for boiling water in a kettle, kettle water across the UK can be boiled for 4.1 years across Europe for 28 years. In addition, the power consumed by Bitcoin mining for one year is said to be enough power to supply the entire University of Cambridge for 704 years.
As for the amount of power consumed by bitcoin mining, there are some criticisms that the global temperature will rise 1.5 degrees within 20 years by bitcoin mining alone. Related information can be found here.