Observer Report Islamabad
Annual energy consumption of the Bitcoin network is almost 120 terawatt hours (TWh) and is on course to overtake Pakistan soon.
Researchers at Cambridge University estimate that the electricity consumption of the Bitcoin network is almost 119.87 terawatt hours per year, more than the energy consumption of the UAE at 119.45 TWh per year, and on course to overtake Pakistan where electricity consumption is 120.56 TWh per year.
Bitcoin’s total annual energy consumption surpassed that of the UAE just last week, while it was already ahead of Netherlands where the energy consumption stands at 110.68 TWh per year.
Electricity is a primary input of Bitcoin and other cryptocurrencies. The coins are mined by computers that process complex algorithms in halls that span the area of several football pitches. As the market for cryptocurrency grows.