Bitcoin uses more electricity annually than Argentina, according to a Cambridge University analysis quoted by the BBC.
Bitcoin (credit photo: wikimedia commons)
Creation of cryptocurrencies requires consumption of energy, because it involves complex calculations performed by computers to verify transactions and record them into blockchain.
Cambridge researchers say that the industry consumes about 121.36 terawatt-hours (TWh) per year and that consumption is unlikely to decrease if the value of the currency does not decrease. Various critics say Tesla’s decision to invest heavily in Bitcoin undermines its environmentally friendly image.
The value of Bitcoin hiked to a record $49,000 this week, following Tesla’s announcement that it aquired $1.5 billion worth of Bitcoin and intends to accept it as payment method in the future. As prices rise, so does energy consumption, according to Mic...