![]() ![]() Īs of September 2021, according to the New York Times, Bitcoin's use of renewables ranged from 40% to 75%. By December 2021, the global computational capacity had mostly recovered to a level before China's crackdown, with more mining being done in the U.S. In June 2021 China banned Bitcoin mining and the miners moved to other countries. Chinese miners relied on cheap coal power in Xinjiang in late autumn, winter and spring, and then migrated to regions with overcapacities in low-cost hydropower, like Sichuan, between May and October. Until 2021, according to the CCAF, much of the mining for Bitcoin was done in China. ![]() One study by Michael Novogratz's Galaxy Digital, a cryptocurrency investment firm, claimed that Bitcoin mining used less energy than the traditional banking system. George Kamiya, writing for the International Energy Agency, said that "predictions about Bitcoin consuming the entire world's electricity" were sensational, but that the area "requires careful monitoring and rigorous analysis". (data sources: Cambridge Bitcoin Electricity Consumption Index, US Energy Information Administration for details, see methodology)Īs of 2022, the Cambridge Centre for Alternative Finance (CCAF) estimates that Bitcoin consumes 131 TWh annually, representing 0.29% of the world's energy production and 0.59% of the world's electricity production, ranking Bitcoin mining between Ukraine and Egypt in terms of electricity consumption. ![]() The red trace indicates an intermediate best-guess estimate. The upper and lower bounds (grey traces) are based on worst-case and best-case scenario assumptions, respectively. Electricity consumption of the Bitcoin network since 2016 (annualized) and comparison with the electricity consumption of various countries in 2019. ![]()
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