Eleanor Hildebrandt | September 10, 2021
The cryptocurrency Bitcoin currently uses more energy than countries like Finland, which has a population of 5.5 million.
Bitcoin was invented back in 2009, and 12 years later, one would need a room full of specialized machines to mine a single Bitcoin. The process of mining one takes up 9 years’ worth of a typical U.S. household’s electricity bill. According to a New York Times article, this currency’s network uses the same amount of electricity as the state of Washington. The state has 7.6 million residents. In comparison to the search engine Google, Bitcoin uses seven times as much electricity. Google has several locations across the globe.
While all cryptocurrencies are strictly digital and exist only electronically, Bitcoin is adding to the climate crisis by using power grids and fossil fuels and contributing to harmful emissions. The Environmental Protection Agency reports that nearly all pieces of an electricity system can affect the environment through greenhouse gas emissions and using up water resources to cool down systems and produce steam.
Since cryptocurrencies like Bitcoin are inefficient in transactions, they are also inefficient when it comes to the use of electricity. Bitcoin’s energy consumption fluctuates frequently, as its price ebbs and flows. Regardless of the cost of the currency, Bitcoin continues to contribute to excessive energy usage.