Bitcoin can’t occur without Bitcoin mining, and mining can’t occur without electricity – 31 terawatt-hours worth of electricity.
With Bitcoin surging to $11,000, the demand on the power supply caused by mining has also surged. It has been estimated that Bitcoin and Bitcoin Gold, combined, has had 31 terawatt-hours climb in annual electricity consumption. In November, with Bitcoin’s climb towards record-breaking numbers, Bitcoin mining power consumption increased by almost 30%.
Based on the Bitcoin Energy Consumption Index designed by Digiconomist, Bitcoin and Bitcoin Cash mining are using a total of 0.13% of the global energy consumption, making the combined mining operation the 61st highest power consumer in the World.
If the mining demand for electricity continues at its current rate, mining will consume all of the world’s electricity supply by 2020.
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