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After current worth spike, bitcoin requires sufficient energy for a rustic of greater than 200 million individuals

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When Bitcoin marches to new records, it also devours the energy of a country with more than 200 million inhabitants.

Cambridge University’s Center for Alternative Finance is trying to keep track of Bitcoin’s energy consumption. While the exact consumption can never be known, a guess can be made by keeping track of the total number of hashes produced by miners and examining the efficiency of bitcoin mining machines. The hash rate is the unit of measure for the processing power of the Bitcoin network.

The recent price spike – Bitcoin BTCUSD, -0.02%, up 276% this year, trading around $ 27,000 on Tuesday – has made it more profitable to use less efficient devices.

At 92.8 terawatt hours per year, Bitcoin’s electricity consumption is slightly higher than that of Pakistan in 2016 and not far from the consumption of the Netherlands this year. In other words, the electricity used in minting Bitcoin could power all tea kettles in the UK for 21 years.

Two thirds of Bitcoin production takes place outside of China. More than half of China’s energy production comes from coal, which is probably why bitcoin production is particularly dirty.

In terms of bitcoin production, the US ranks second with an estimated 7% of total bitcoin production, slightly ahead of Russia and Kazakhstan.

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