Bitcoin Jumps 66 Times in Power Consumption, Says Citi Report

[Altcoin1998$]

The power consumed during Bitcoin mining has drastically increased by 66 times compared to the amount of electricity consumed in late 2015. Moreover, the carbon emissions released can also become a topic of concern and attract further scrutiny, says a Citigroup Inc. report.

The analysts at Citigroup mentioned, “As the value of Bitcoin rises, so should its energy consumption,”.

Crunching the figures from the Cambridge University Center for Alternative Finance, the report mentioned the Bitcoin network’s exponentially rising demand for global power to have reached an annual amount of over 140 terawatt-hours, going higher than the annual power generation of countries like Argentina in 2019.click