Ireland consumes 2 times less electricity than the Bitcoin network

Ireland consumes 2 times less electricity than the Bitcoin network

The International Energy Agency has released an official report. It states that the Bitcoin network consumed 29 TWh in six months. Accordingly, this figure has already slightly exceeded the annual electricity consumption in Ireland (26 TWh).

Researchers believe that the rise of the digital currency is the key reason for the increase in electricity consumption. This directly affects the growth of the activity of many miners, and the hashrate in general. The IEA supposedly estimated that the bitcoin network will consume about 45 TWh in 1 year.

This information became the basis for the agency’s next statement. They stated that Bitcoin would be responsible for 0.03-0.06 percent of carbon dioxide emissions worldwide. And they, in turn, are interconnected with the energy sector and equate to 10-20 megatons of CO2.

It is also noted that cryptocurrency mining is most common in areas where there is inexpensive renewable electricity. It is known that approximately 76 percent of the energy consumed by the Bitcoin network can be generated from several sources. For example, using electricity from hydroelectric power plants, wind turbines, or solar farms. All this was taken into account when calculating the same emissions.