Switzerland consumes less energy than the Bitcoin network

A study conducted by the University of Cambridge found that about 62 terawatt-hours of energy are consumed annually to ensure the functioning of the Bitcoin network. Comparing official data, Switzerland uses 58 terawatt-hours over the same period, while Colombia, for example, uses 68. Scientists have created a special real-time platform that can estimate the energy consumption of a cryptocurrency network and calculate the average for one year. According to official data, the Bitcoin network consumes 6.37 gigawatts of electricity or 61.88 terawatt-hours annually. This can be compared to the fact that the energy used for bitcoin mining annually would be enough to run all electric kettles in the UK optimally for 14 years.