The entire nation of Switzerland consumes way less energy than Bitcoin. The researchers at the University of Cambridge have published this study. They have also released an online tool called Cambridge Bitcoin Electricity Index (CBECI). This tool estimates the accumulated amount of energy that is required to continue the functions of Bitcoins in real-time. With the help of this data, the mechanism calculated the total amount of energy that is required to keep the system up and running per year.
According to the CBECI, the global network of Bitcoin is devouring about 7 gigawatts of energy per day. If you calculate this number for a whole year, the bitcoin network consumes about 64 terawatt-hours of electricity. According to the researchers, this number is more than the entire energy consumption of Switzerland. However, the amount of electricity consumption is way less than the State of Columbia.
The researchers have pointed out that the bitcoins consumes about 0.25 per cent of the total electricity consumption of the world. It means that all the tea kettles of the UK could function using that much power for 11 years straight. However, it also means that wasted electricity of the inactive but connected electronic devices could charge up the entire system for four years.
The researchers wanted to tell this narrative of electricity consumption to the entire world. The visitor of the site could decide whether the accumulated numbers are large or small. This perspective could also stoke awareness in the minds of the users. After viewing the disparity, they might change their way of living and thus making the earth a little greener each time.
Everyone who has the slightest idea of Bitcoins knows about the heavy consumption of energy. All this energy is needed to maintain the hardware of the system and validate the payment. You should also take the numbers touted by CBECI with a pinch of salt, as it is dependent on estimation.