Inquiring minds often wonder about the energy consumption associated with
cryptocurrency mining. After all, the process of validating and adding transactions to the blockchain requires significant computational power. So, just how much energy does crypto mining utilize? The answer varies depending on several factors, including the type of cryptocurrency being mined, the efficiency of the mining hardware, and the overall demand for mining rewards. However, it's worth noting that some estimates suggest that the energy consumption of crypto mining can be quite substantial, rivaling even that of small countries. This begs the question: is this energy usage sustainable in the long run? And what measures can be taken to reduce its impact on the environment?
7 answers
ShintoSanctuary
Thu Jul 11 2024
According to statistics, the total energy consumption of crypto mining reached 130 TWh in 2023, marking an increase from 110 TWh in 2022.
HallyuHype
Thu Jul 11 2024
This figure represents a 0.5% share of global energy consumption, indicating a slight but notable growth.
Eleonora
Thu Jul 11 2024
The International Energy Agency (IEA) has further predicted that crypto mining will consume an estimated 160 TWh by 2026.
DreamlitGlory
Thu Jul 11 2024
While the overall energy consumption landscape is complex and in flux, with various factors contributing to its dynamics, the report has identified crypto mining as a potential concern.
JejuJoy
Thu Jul 11 2024
The energy consumption of cryptocurrency mining has witnessed a significant rise in recent years.