The Cambridge University Cryptocurrency Electricity Consumption Index revealed that since 2017 Bitcoin’s energy consumption is on the rise. For example, it used a total of 14.44 terawatt hours (TWh) that year, and in 2018 – 45.55 TWh.
Increase in energy consumption It continued year after year and it was in 2021 when it broke the record and reached 104.89 KWh, and in 2022 Bitcoin reached 85 KWh.
And it is Bitcoin mining that requires a lot of use of servers that consume such an amount of energy, which, according to specialists, has a significant impact on the environment.
According to CryptoMonday, to estimate Bitcoin’s energy consumption, creating one new Bitcoin uses as much electricity as an entire family in nine years.
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Although coal use has dropped from 47 percent in 2021, according to a report by Italian website Corcom. in January, compared to 37 percent in the same period in 2022. month, bitcoin is now more reliant on gas, as it accounted for a quarter of its energy mix earlier this year, up from 16 percent in 2021. They point out that sustainability is as much an issue as it is availability and cost.
“In the early years of bitcoin production, mining was primarily done using general-purpose graphics processing units (GPUs) and field-programmable gate arrays (FPGAs). This changed a lot when in 2012 the first application-specific integrated circuits (ASICs) began to appear. ASICs are available hardware specialized, specially optimized for Bitcoin mining, which are much more efficient than the previous devices used for mining. Therefore, it wasn’t long before ASICs took over and eventually supplanted GPU and FPGA mining.
“We have compiled a list of over 100 different commercial Bitcoin ASIC models that have been released since 2013. The list is based on a combination of public resources that list different types of mining rigs and their specifications,” detailed the University of Cambridge.