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Energy Consumption for Bitcoin Mining

Why does crypto mining use so much electricity? The crypto mining has a big carbon footprint due to a high electricity consumption. Meanwhile the market value of bitcoins decreased over the last months, due to regulatory hurdles in China and, among other business professionals Elon Musk expressed concerns about the environmental cost of Bitcoin.

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BITCOIN MINING

We focus on Bitcoin, which has been omni valent in the recent news. The estimated average amount of electricity consumed for bitcoins is 139TWh annually, according to the Digiconomist. The amount of energy that Bitcoin mining consumes is about the same amount as some medium-sized countries.

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