The total power consumption of cryptocurrency is between 120 and 240 billion kWh per year
According to reports from Forbes, Columbia Climate School and the official website of the White House, the total power consumption of cryptocurrency is between 120 and 240 billion kWh per year. This exceeds the power demand of large countries such as Argentina and Australia. From the perspective of currency, the GDP represented by this figure is higher than that of a small country (such as the Bahamas). Bitcoin blockchain is still the largest consumer, consuming more than 161 TWh in 2022 alone.
Interpretation of this information:
The message highlights the substantial power consumption of cryptocurrency, with the total power consumption ranging from 120 to 240 billion kWh per year. To put this number in perspective, it is noted to be higher than the power demand of Argentina and Australia, two large countries known for their heavy energy usage. Additionally, the GDP estimated from this consumption is noted to be higher than that of a small country, such as the Bahamas. The report further points out that Bitcoin blockchain is the largest consumer, with consumption recorded at over 161 TWh in 2022.
The message raises several concerns, including the environmental impact and sustainability of cryptocurrency’s extensive energy usage. While blockchain technology is essential for cryptocurrency transactions, its high electricity consumption has raised debates on its viability. Critics argue that this extensive energy usage may accelerate global warming, while proponents argue that the efficiency of blockchain technology offsets the environmental impact.
Moreover, the message emphasizes the need for sustainable energy solutions to support the fast-growing cryptocurrency industry. With Bitcoin blockchain identified as the largest consumer, there is an urgent need to innovate energy-efficient technologies to support blockchain transactions.
The message’s three key points are power consumption, GDP representation, and Bitcoin blockchain’s energy consumption. These three components highlight the significant role of energy usage in cryptocurrency and its impact on the economy and the environment.
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