Bitcoin uses more electricity than Argentina, Norway, study finds

DM

As the price of bitcoin skyrocketed over the last year, so has the amount of energy used to mine the cryptocurrency, prompting concerns about its environmental impact. Despite the currency’s value having seen a recent decline, the energy used to harvest it has soared to a point where its annual carbon footprint is equivalent to or more than several countries including Argentina and Norway, according to an analysis published by Cambridge University. Mining the cryptocurrency requires a deep energy-intensive process that uses extensive electrical infrastructure and complicated math algorithms in order to verify transactions. Upon solving any given calculation the miner is subsequently rewarded with a bitcoin. “Rising bitcoin prices make mining more attractive, as the potential reward increases in value. As a result, new mining hardware will get added to the network and lead to increasing electricity consumption overall,” according to the report.

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