Mining

14/07/19 08:59 UTC-4

Bitcoin consumes more energy than the population of Israel and Switzerland

The population of Israel and Switzerland consumes less electricity than the Bitcoin network
The population of Israel and Switzerland consumes less electricity than the Bitcoin network

Studies in 2019 showed that miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
Bitcoin consumes more electricity than the population of Israel and Switzerland. The relevant data was provided by the Analytical Center of the University of Cambridge.

 

Bitcoin mining and power consumption

The Analytical Center of the University of Cambridge published the results of the research, according to which the work of the Bitcoin network consumes about 0.26% of all electricity generated in the world.

In addition, the report states that the network of the first cryptocurrency consumes more energy than the residents of Israel or Switzerland for the year. Also, mining Bitcoin requires more electrical resources than the Czech Republic and Austria.

 

From the interesting assumptions of Cambridge scientists can be identified as follows:

  • The amount of electricity consumed by the Bitcoin network in one year can trigger all kettles used to boil water for the United Kingdom for 14 years, or for Europe (including the UK) for 2.2 years.
  • The amount of electricity used annually by the Bitcoin network can satisfy the energy needs of the University of Cambridge for 367 years.

The Bitcoin network consumes more electricity than the population of Israel and Switzerland. Recall that due to the recent jump in the rate, the hashHash
(hashing) – a cryptographic term that means changing the input data of different sizes into the original data of a clearly defined size, using a special mathematical algorithm.Details
rate in the Bitcoin network reached 74.5 thousand TH/s.

 

 

Editor: Alyona Nabok

See also: "BTC hash rate reached a new record high"

#UniversityofCambridge #research #cryptocurrency #Bitcoin #mining #Bitcoinnetwork

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