There was a good article posted earlier this week by my good friend and colleague Brian Kasal in The Leadership Matrix on how the average consumer pays for the energy consumption of Bitcoin.
The amount of energy consumed to produce Bitcoin is simply astounding. Truth is, as more cryptocurrencies hit the market, there will be a greater and greater amount of electricity needed. The real problem is the increased power consumption is driving up the cost of electricity for residents and businesses across the country. And more crypto miners will be setting up shop in the country, since China has banned any new crypto miners and plans to gradually shut down those with existing operations.
Take a look at the data from the attachment. Although a bit dated (from late 2018), it gives a good graphical representation of the electricity consumption of Bitcoin compared to countries from around the world. Keep in mind as viewing the map, there are now fewer countries that definitely consume more electricity than Bitcoin, since mining operations have increased substantially since 2018 and they now globally consume more than 200 terawatt-hours of electricity annually.
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