Iran, Russia, China, and United States, take a bow for creating the top 10 list for Bitcoin hashing on the Cambridge Bitcoin Electricity Consumption Index.
Bitcoin mining – a decentralized virtual currency without a financial institution or single administrator – refer to the “hashrate”. Explained simply, the hashrate is a measure of the computing power people plugged into electrical grids around the world are contributing to the mining.
And here and below is that top 10 as calculated by a study from the Cambridge Centre for Alternative Finance at the University of Cambridge’s Judge Business institution.
Assessing just what proportion of electricity the 11-yr-old global Bitcoin [BTC] mining industry uses – with its p2p electronic cash system – is consuming, the study settles on an annualized estimate of 7.46 GW, like around 64.83 terawatt-hours of energy consumption which is slightly over than the Czech Republic, at 62.34 TWh per annum, & Austria, at 64.60 TWh per annum consumption.
There are campaigners against heating who say that the continued growth of Bitcoin mining could at some point boil the oceans (or something along those lines), but as things stand the industry accounts for 0.26% of the world’s annual total electricity production of 25,082 TWh & 0.30% of its annual electricity consumption of 20,863 TWh, the study adds.
Some very simple illustrations to understand this: