How much energy does bitcoin actually consume?

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.

How much power do bitcoin miners use?

How much energy does Bitcoin mining use? As mentioned earlier, The University of Cambridge estimates that Bitcoin power consumption equals approximately 129.24 TWh per year. This number is based on a model developed by the University of Cambridge that relies on a few assumptions that you can read about here. You can also check in the infographic how the Bitcoin electricity use compares to some countries.

What hardware is needed for bitcoin mining?

To start mining bitcoin, the following are required:

  • Competitive mining computers (rigs)
  • Low-cost power supply
  • Mining software
  • Mining pool membership

What is the best bitcoin mining hardware?

Top Cryptocurrency Mining Hardware review:

  1. Antminer S19 Pro Best for industrial mining. The Antminer S19 Pro ASIC Bitcoin miner hardware is currently the best cryptocurrency mining hardware with which to mine Bitcoin and other ...
  2. Antminer T9+ Best for experimentation, testing miner settings, and operations. ...
  3. AvalonMiner A1166 Pro Best for experienced Bitcoin and SHA-256 miners. ...

More items...