Mining is the lifeblood of Bitcoin, but, like any industry, it needs to consume a lot of energy in order to get a precious virtual currency in the block chain.
There are huge mining crypto-mining farms scattered all over the world, and in the next few years they will appear even more, as Bitcoin and other crypto assets continue their way to fame.
In its present form, Bitcoin's mining is a profitable operation. With a price more than $ 11,000, there are many coins to be obtained. Like any other production, mining farms, with their powerful equipment, use electricity, with a lot of electricity.
According to the British company Power Compare, the increase in Bitcoin's price directly influenced the demand for power consumption.
According to Digiconomist, the annual electricity consumption for Bitcoin and Bitcoin Cash mining has increased to 31 terawatt / hour. Bitcoin's production is $ 9.7 billion per year.
They developed their own Bitcoin energy consumption index, which shows the latest energy consumption figures.
Bitcoin and Bitcoin Cash are used for a total of 0.13% of the world's energy consumption, which corresponds to the 61st place among the largest consumers of power in the world.
Not surprisingly, the energy consumption of the Bitcoin mining sector in November increased by almost 30%. No doubt, this is due to the massive price increase.
If the demand for electricity consumed for the mining of crypto currency will remain at the same level - all world electricity supplies will be consumed by 2020 in 2020.
In its present form, Bitcoin's Maynig uses more energy than most African countries, as the Power Compare edition shows.