Bitcoin mining machines at the Whinstone facility in Texas. AFP
Bitcoin mining machines at the Whinstone facility in Texas. AFP
Bitcoin mining machines at the Whinstone facility in Texas. AFP
Bitcoin mining machines at the Whinstone facility in Texas. AFP

Bitcoin's electricity use eight times higher than Google's and Facebook's combined


Alvin R Cabral
  • English
  • Arabic

The electricity being devoured annually to mine Bitcoin is now eight times more than that being used by technology companies Google and Facebook combined, and even higher than Norway and Switzerland's usage, spurring concerns about the environmental impact of the digital currency.

The world's first and biggest cryptocurrency eats up 143 terawatt-hours of power annually, more than the usage of many medium-sized European nations, according to data provider TradingPlatforms. For perspective, global data centres consume 205TWh yearly; Bitcoin alone consumes 70 per cent of this figure.

Alphabet-owned Google, the world's biggest search engine, uses 12TWh, which is about a 12th of Bitcoin's energy use. Meta Plaftorms' Facebook, the world's largest social network, pales even further in comparison, requiring only 5TWh for its functions – 3.5 per cent of what the cryptocurrency needs.

Norway and Switzerland need only 124TWh and 56TWh, respectively.

The statistics “paint a grim picture for the Earth”, Edith Reads, an author at TradingPlatforms, said.

“The amount of energy that Bitcoin consumes is concerning. Its transactions use more than what some whole countries do at the moment. And this figure is bound to rise because of the asset’s growing mining difficulty that demands more power to execute,” she added.

The environmental impact of Bitcoin and the cryptocurrency market as a whole has attracted a lot of scrutiny.

Bitcoin is the most power-hungry cryptocurrency, with a single transaction requiring an average of 1,173 kilowatt-hours, according to a study by data provider Money Supermarket. Considering the average monthly electricity usage for a UK household is 350kWh, that is enough to power the typical UK home for more than three months, it said.

For comparison, that would equate to about six weeks of electricity based on average US household electricity usage of 877kWh per month.

Meanwhile, Ethereum, the world's second-largest cryptocurrency, needs only 87.29kWh per transaction – a mere 7.4 per cent of what Bitcoin requires. Bitcoin Cash and Litecoin are next on the list, needing only about 19kWh, while the rest of the field do not even reach 1kWh, Money Supermarket said.

In April, Cambridge University researchers reported that Bitcoin's total annual energy consumption surpassed that of the UAE, logging in 120TWh per year compared with the UAE's 119.45TWh.

In the same month, Bloomberg reported that the Nordic region is losing its edge in green Bitcoin mining at a time when the cryptocurrency industry faced growing scrutiny for its carbon emissions and as investors' appetite grew.

And when China, the world's largest power consumer, in June shut down Bitcoin mining operations in Sichuan to address environmental concerns, the cryptocurrency slid below $30,000 for the first time since January.

Ms Reads said Bitcoin's negative reputation stems mainly from its technology, which uses a proof of work consensus mechanism for validating transactions, an energy and hardware-intensive process, releasing a lot of waste into the environment.

“Additionally, a significant proportion of its mining activity uses non-renewable energy resources. These resources are affordable and therefore attractive to many miners. They, including coal, leave a huge carbon footprint on the environment,” she said.

The power consumption of a computer varies depending on the type being used, according to Brussels-based EnerGuide. A desktop uses an average of 200 watt-hours when it is being used, including speakers and a printer. If it is on for eight hours a day, it uses almost 600KWh and emits 175 kilograms of carbon dioxide per year.

A laptop, on the other hand, uses between 50 watt-hours and 100 watt-hours when on. If it is on for eight hours a day, it uses between 150kWh and 300kWh and emits between 44kg and 88kg of carbon dioxide per year. The power consumption of both a desktop and a laptop falls by about a third when they are on standby mode.

Meanwhile, non-fungible tokens – cryptocurrency assets that use blockchain to record the ownership status of digital objects, with each only having one certified owner – is also adding to cryptocurrencies' carbon footprint, as every step of the NFT cycle requires energy. Money Supermarket estimates that the average NFT uses 340kWh and has a carbon footprint of 241kg.

Still, the cryptocurrency market's latest craze uses significantly less energy than some of its cryptocurrency counterparts – but at 0.3 TWh it still uses more electricity than 28 countries, sitting just behind Antigua and Barbuda, it said.

The Bitcoin community has not taken the criticism lying down, with its proponents pointing out that other mundane activities such as the traditional financial system leave a bigger footprint than digital assets, Ms Reads said.

The amount of energy that Bitcoin consumes is concerning. Its transactions use more than what some whole countries do at the moment
Edith Reads,
author at Trading Platforms

Some of the world's biggest banks – including Morgan Stanley, JPMorgan Chase, Bank of America, Morgan Stanley, Citigroup, Goldman Sachs and Wells Fargo – have made commitments towards slashing their carbon footprint amid pressure from environmentalists and regulators.

The cryptocurrency sector is also pursuing cleaner and greener mining, with part of this shift involving the adoption of renewable energy in validating transactions. These include solar, wind and geothermal power.

The world is projected to emit 36.4 gigatonnes of carbon dioxide in 2021, close to the levels seen in 2019, according to a recent report from the Global Carbon Project research group. Carbon emissions were one of the main sticking points at the recent Cop26 summit in Glasgow, where world leaders wrangled to address the challenge.

As of Thursday morning, the price of Bitcoin was $46,412.75, down almost 3 per cent in the past 24 hours, according to CoinMarketCap data. The overall cryptocurrency sector's market capitalisation stood at more than $2.17 trillion.

Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

Tips to avoid getting scammed

1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

5) Don't be rushed into a sale 

6) Call 901 if you see any suspicious behaviour

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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Transmission: Single-speed automatic

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Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

MATCH INFO

Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)

TV: BeIN Sports

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UAE currency: the story behind the money in your pockets
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Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

Miguel Cotto world titles:

WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017

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Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
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6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
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6.30pm: Maiden (PA) Dh80,000 (T) 2,200m
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7.30pm: Handicap (PA) Dh100,000 (T) 2,400m
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Age: 32

Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.

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473 - Premier League victories.
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UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

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World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

'Midnights'
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Updated: December 30, 2021, 4:45 AM