Bitcoin’s Impact On The Environment Is Largely Fiction, Claims Prominent Energy Specialist

Bitcoin uses more electricity annually than Czechia, according to the latest estimates from the University of Cambridge.

While Bitcoin is leading the charge to democratize money, there is no escaping its power-hungry reputation. And the current research from the Cambridge Centre for Alternative Finance (CCAF) does nothing to dispel concerns over its environmental impact.

Bitcoin Uses More Electricity Than Czechia

The Cambridge Bitcoin Electricity Consumption Index (CBECI) provides real-time data on the energy consumption of the Bitcoin network. The model borrows from the methodology of Marc Bevand. He uses pessimistic (upper) and optimistic (lower) assumptions, based on the least to most efficient ASIC machinery.

While precise electricity consumption cannot be determined, the CBECI does provide a range of possibilities within a lower bound and an upper bound estimate. Within this range is a best-guess estimate. Researchers calculate this to account for an assumption that miners will use a range of hardware. Thus, giving a more rational figure of Bitcoin’s actual annual electricity consumption.

As things stand, the best-guess estimate shows Bitcoin uses 63.95 TWh a year. Which, when compared to the CIA’s World Factbook data on the energy consumption of countries, provides the comparison. Read More at NewsBTC...

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