Research Shows: Unused U.S. Power Could Power Bitcoin for 4 Years
Academic researchers at the University of Cambridge (UoC) in the UK have introduced a real-time index to track the total electricity consumption of the Bitcoin network.
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Academic researchers at the University of Cambridge, UoC, have introduced a real-time index to track the total energy consumption of the Bitcoin network.
The study was led by the Cambridge Centre for Alternative Finance (CCAF) at the university and was announced on July 2nd, as detailed in the announcement.
The real-time index, called the Cambridge Bitcoin Electricity Consumption Index (CBECI), calculates the annual total energy consumption of the Bitcoin network and updates every 30 seconds.
The researchers also included other relevant data to compare Bitcoin's energy consumption with other electricity uses, along with a range of parameters to adjust real-time data to reflect actual conditions more accurately.
According to a report, the index estimates that Bitcoin consumes 0.24% of the global total energy consumption per year, which is 20863 TWh. In comparison with global electricity consumption by countries, Bitcoin ranks as the "42nd country," consuming more electricity than countries like Romania, Denmark, Israel, Singapore, and Uzbekistan.
CBECI also compared Bitcoin's annual energy consumption to daily electricity usage, finding that the electricity wasted by continuously powered but inactive household devices each year could power the Bitcoin network for up to 4 years.
Relative to this, Bitcoin's annual energy consumption could power "boiling water for 11 years" in Europe and the UK.
CCAF claims that constructing this index primarily aims to provide decision-makers, regulators, researchers, and others with objective and neutral data to facilitate discussions on the sustainability of Bitcoin mining and its environmental impact.
In June of this year, a study released by cryptocurrency investment products and research company CoinShares estimated that 74.1% of Bitcoin mining is powered by renewable energy.
Previously reported by ABM, mining company Plouton Mining announced plans to build the largest solar-powered mining farm in North America. With various data, including those in this article, the argument that mining is too energy-intensive seems somewhat unsubstantiated.
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