The Financial Stability Board and the International Monetary Fund are preparing to release a document urging worldwide cooperation on cryptocurrency policies during the upcoming G20 summit scheduled for this weekend.
The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The authorization establishes Coinbase as the pioneering crypto-centric platform to provide regulated and leveraged cryptocurrency futures in conjunction with conventional spot trading.
On the face of it, the question about energy use is a fair one. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden.
Why does Bitcoin use so much energy? Bitcoin uses Proof of Work for block generation where 1000s of miners are competing to authenticate the bitcoin transactions. They have to solve complex math problems and verify them. Miners who successfully validate a block earn a reward. How much energy does Bitcoin consume? Bitcoin mining consumes around 110 terawatt-hours of electricity per year.
So exactly how much power does it take to create a bitcoin? According to Digiconomist, as of July 15, 2021, a single Bitcoin block requires 1,721.96 kWh, or nearly $26,000. When you put it all together, that’s a projection of 135.12 TWh in the year, or about as much power as is used annually by the country of Sweden.
How Much Electricity Does Cryptocurrency Use? A cryptocurrency’s mining process is power-hungry, requiring heavy calculations on computers to verify transactions. Researchers at Cambridge estimate that it consumes about 121 kWh per year. In the event of a currency slump, it is unlikely to fall below 36 terawatt hours (TWh) per year.
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