A new online tool, published by the University of Cambridge, shows that Bitcoin uses as much energy as Switzerland uses. According to data released by the University, Bitcoin consumes 64.15 terawatt hours of electricity annually worldwide.
It is possible to compare Bitcoin’s energy consumption with other countries in the website published by the university. Currently, the tool estimates that Bitcoin is using around seven gigawatts of electricity, equal to 0.21% of the world’s supply. According to an article published in the scientific journal Joule last month, Bitcoin production generates 22 million tons of carbon emissions annually.
How does Bitcoin work?
To produce Bitcoin, computers connect to the crypto money network and keep records of the people who send and receive Bitcoin. In this process, it is necessary to carry out long verification processes.
The purpose of the verification process is to ensure that no one is attempting to secretly modify global bitcoin transaction records. Computers that contribute to the system in this way are given a small amount of Bitcoin.
Could Bitcoin be the most important invention in human history?