Bitcoin Energy Consumption Value
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A Bitcoin Energy Consumption Value is a cryptocurrency energy consumption value (energy consumption value) from a Bitcoin energy consumption measure (of the amount of energy consumed by the Bitcoin mining process over a specified period).
- Context:
- It can (typically) be associated to Electricity Consumption (of all active Bitcoin miners globally).
- It can (typically) be influenced by the Bitcoin Cash Rate (which is the total computational power used to mine and process transactions).
- It can (often) be impacted by the efficiency of Bitcoin Mining Hardware and the types of energy sources used (renewable vs. non-renewable).
- It can be monitored by organizations such as the Cambridge Centre for Alternative Finance and Digiconomist.
- ...
- Example(s):
- One in 2021 was estimated to be around 104 terawatt-hours (TWh) (which is comparable to the annual energy consumption of countries like Argentina or Norway).
- One in 2022 showed a slight increase to approximately 110 terawatt-hours (TWh), reflecting the ongoing growth in mining activity and the introduction of more energy-intensive mining hardware.
- One In August 2021, the average carbon intensity of electricity consumed by the Bitcoin network increased from 478.27 gCO2/kWh in 2020 to 557.76 gCO2/kWh.
- One in 2023, the Bitcoin network's annual energy consumption is approximately 130 terawatt-hours (TWh), similar to the energy usage of Sweden.
- One During 2020, the Bitcoin network's energy consumption value saw a temporary reduction to around 67 terawatt-hours (TWh) due to decreased mining activity during the early months of the COVID-19 pandemic.
- ...
- Counter-Example(s):
- An Energy Production Value, which quantifies the amount of energy generated rather than consumed.
- A Carbon Emission Value, which measures the amount of carbon dioxide released rather than energy used.
- A Water Consumption Value, which tracks the amount of water used rather than energy.
- See: Energy Consumption Measure, Bitcoin Mining, Hash Rate, Carbon Footprint, Energy Efficiency, Sustainable Energy.