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Bitcoin extraction worldwide consumes an amount of electricity equal to the needs of all of Argentina, according to a team of researchers from the University of Cambridge, who developed the electricity consumption index, which measures the amount of energy used globally for mining. cryptocurrencies.
Bitcoin is a cryptocurrency, ie an electronic currency that is created digitally through specific software. The bitcoin generation process involves solving very complex calculations that require very powerful computers equipped with particularly high-performance processors.
Those who produce bitcoin use special supercomputers, often self-built and equipped with dozens of processors that work simultaneously with the aim of generating digital currency. They require highly efficient and energy-hungry cooling systems, which are essential to avoid overheating machinery.
However, extracting bitcoin is a complicated process and, as stated, particularly costly from an energy standpoint. According to Cambridge researchers, in fact, the mine consumes 121.36 terawatt hours (TWh) of electricity, ie the whole of Argentina.
This means that to date, cryptocurrencies are responsible for consuming 0.5% of all electricity produced in the world. According to Cambridge researchers, electricity consumption for bitcoin mining will increase until the price of bitcoin falls again.
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