UN Study Links Bitcoin's Energy Consumption to Price Surge

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Bitcoin's Energy Consumption Linked to Price Surge : UN Report
A UN report links Bitcoin's energy consumption to its price, noting a 140% increase in energy use as Bitcoin's price surged 400%. Fossil fuels accounted for 67% of the electricity used for Bitcoin mining.

Efforts are being made to shift towards green energy sources, including hydropower, nuclear, solar, and wind. The top 10 Bitcoin mining nations were responsible for the majority of Bitcoin's carbon, water, and land footprint.

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Bitcoin price and energy use for mining highly correlated

A recent study conducted by the United Nations suggests a direct correlation between the price of Bitcoin
BTC and the energy needed for mining operations.

UN scientists evaluated the activities of 76 Bitcoin mining nations during the 2020–2021 period and found that the global Bitcoin mining network consumed 173.42 terawatt-hours of electricity. During this timeframe, the crypto ecosystem was undergoing a bull run, and Bitcoin rallied to mark its all-time high of $69,000. The UN report highlighted.

 

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