A single Bitcoin transaction currently needs more than 2000 kWh of electricity. This is as per an article published in New York Times (NYT) on March 22. The article was about the crypto mining industry’s interest in renewable energy.
In the article, it was stated that as a result of criticism from legislators and environmentalists, the crypto mining sector has started rebranding its effort to contest the predominant public view that the mining industry’s electricity-guzzling computers are harmful to the climate. All five of the largest publicly-traded cryptocurrency mining businesses were building or already operating plants powered by renewable energy.
Bitcoin Transaction consuming 2000 kWh electricity
The article further stated that in the early days of Bitcoin, a crypto lover could mine bitcoins using software installed on a laptop. However, as digital assets have grown in popularity, the amount of computing power order to make Bitcoin has increased dramatically. According to research groups, a single Bitcoin transaction now consumes more than 2000 kWh of electricity, which is enough to power the average American family for 73 days.
To do so, some miners are restarting decommissioned coal plants or running their computers on low-cost natural gas. According to research, Bitcoin mining could be responsible for around 65 megatons of carbon dioxide per year, which is similar to Greece’s emissions.