Bitcoin’s electricity consumption: Bitcoin mining compared to countries (Annual Electricity Consumption)

Bitcoin’s electricity consumption: Bitcoin mining compared to countries (Annual Electricity Consumption)

Country comparisons are commonly used in public debates to support concerns about the extent of Bitcoin’s electricity consumption. The data above (published by the Cambridge Bitcoin Electricity Consumption Index) lists Bitcoin’s annual electricity consumption compared to other countries. As the data shows the size of a country, both in geographical and population terms, doesn’t generally associate with energy usage. Rather, each country’s energy profile is a product of factors such as the energy demand of its domestic industries and residents, its stock of available energy resources, its level of economic and social development, its economic expenditures and production patterns and much more.

What is Bitcoin (BTC)?

Bitcoin is a revolutionary new payment network and a new form of electronic money. It’s a digital currency which enables secure and instant financial transactions at dramatically low costs between any two individuals anywhere on the globe. Bitcoin allows its users to transact directly, peer-to-peer, without an intermediary and can be used just like other currencies or assets in exchange for goods or services. Bitcoins are the unit of currency of the Bitcoin payment network. The most used abbreviations for Bitcoin are BTC or XBT.

Bitcoin is the very first cryptocurrency and was founded by an anonymous person or group of individuals, named Satoshi Nakamoto. To this day, Satoshi Nakamoto’s identity and nationality are still unknown. Bitcoin is decentralized. Unlike traditional currencies like the Euro or the US-Dollar, there is no government, institution or other central third party that oversees the issuance and circulation of Bitcoin. That means Bitcoin cannot be censored, manipulated or controlled by a single centralised institution or government. Also, if you store your Bitcoin in a digital, non-custodial wallet, no institution, government or third party is able to lock you out of your funds.

For more information about Bitcoin and other cryptocurrencies visit our Blockchain FAQ section.

How do I get Bitcoin (BTC)?

You can buy Bitcoin (BTC) and other cryptocurrencies on so-called cryptocurrency exchange platforms, like Binance, Kraken or Coinbase.

Table & Chart Data

Source

Survey/Poll by

Published by

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Release date

2021

Region

Worldwide

Survey

Last updated October 18, 2021.

Additional Notes

Last updated October 18, 2021. 

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