Report: Bitcoin consumes less power than fridges and TVs

bitcoin (crypto stability)
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A report produced by crypto comparison site BitStacker claims Bitcoin mining actually consumes less electricity than that of all of the refrigerators and televisions in the United States.

The report also found that Bitcoin mining consumes up to 19 times less energy than air conditioning, as well as industrial activities such as the production of chemicals, iron and steel, and paper and pulp.

Related article: Bitcoin mining goes solar in South Australia

The study was based on estimates provided by the Cambridge Centre for Alternative Finance. It covers the total electricity consumption in Terawatt hours per year for a variety of industries and equipment, and shows that Bitcoin mining is not as energy-intensive as a range of household products and industrial activities.

Bitcoin mining was estimated to have consumed 116TWh per year which is a mere fraction of air conditioning that consumed 2,199 in Terawatt hours over the same period. Air conditioning was the most energy-intensive category of industry or equipment in the report.

The energy consumption of refrigerators in the US accounted for 104TWh with televisions in the country accounting for 60TWh. While both of these figures are less than that of Bitcoin’s energy usage, they add up to be more than the total of the electricity consumed when mining the cryptocurrency.

Related article: Bitcoin consuming more energy than Switzerland

“Many perceive Bitcoin mining as a particularly energy-intensive activity. The harmful environmental impact has been a major reason as to why the cryptocurrency has received a lot of negative publicity,” BitStacker’s report said.

Read the full report here.

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