One Bitcoin Uses Electricity to Power an Indian Household for a Year
One Bitcoin Uses Electricity to Power an Indian Household for a Year.
Bitcoin mining has long been criticized for being inefficient and power-hungry.
Now, a new study claims that electricity bills are actually the biggest contributor to bitcoin mining costs.
According to a report by CryptoMonday, the electricity cost of Bitcoin mining can be prohibitively high for some.
The report added that for every $4 a Bitcoin miner earns, $3 goes to pay for electricity.
Mining one bitcoin can consume as much as 2,165 kWh of electricity.
According to a study, an Indian household consumes an average of 5.7 kWh of electricity per day, which means that it would take an average Indian household 380 days to consume the amount of electricity required to mine one Bitcoin.
There have long been concerns that cryptocurrencies are bad for the environment, and while the cryptocurrency community is working on solutions to reduce the environmental impact of “mining,” there is still plenty of room for improvement in this regard.
It is estimated that Bitcoin mining emits 114 million tons of carbon dioxide annually.
This is equivalent to the annual carbon dioxide emissions of the Czech Republic, which has a population of nearly 11 million.
By comparison, global CO2 emissions from Bitcoin mining exceed 4% of total CO2 emissions from India, which has a population of nearly 1.38 billion.
Other estimates suggest that Bitcoin mining consumes 127 terawatt-hours of electricity per year—equivalent to the annual electricity consumption of Norway.