Bitcoin will use 91 terawatt-hours (TWh) of energy, which is almost equivalent to the total energy consumed by Pakistan. Bitcoin’s power consumption is closely linked to its mining costs and price expectations, as measured by the Cambridge Bitcoin Electricity Consumption Index. The bitcoin network burns more and more energy in order to mine bitcoins.
Bitcoin has already reached the 2020 consumption level for power. The network for mining bitcoins consumed around 67 TWh of electricity last year. Since bitcoin mining is so energy-intensive, it is crucial to switch to low-carbon electricity sources.
Source: Financial Express