Mining is the lifeblood of bitcoin, but like any other industry, this process consumes energy.
Around the world there are many mining farms, and in the next few years their will be even more, as bitcoin and other cryptocurrencies are becoming more popular.
In its current form, bitcoin mining is a profitable business, given the current price of 11,000 dollars. As with any enterprise for mining the required electricity, a lot of electricity.
According to the British company Power Compare the increase in the price of bitcoin directly affected the demand for electricity.
According to Digiconomist, in General, the annual electricity consumption of bitcoin mining and Bitcoin Cash increased to 31 terawatt-hours. According to their estimates, bitcoin mining generates about 9.7 billion dollars a year.
Mining bitcoin and Bitcoin Cash uses a total of 0.13% of the world electricity consumption.
Interestingly, but not surprisingly, the consumption bitcoin mining software in November increased by nearly 30 percent – is associated primarily with the unprecedented growth rates.
If the dynamics of electricity demand caused by mining, will remain at the same level by 2020, mining will consume all the world’s electricity.
At the moment mining of bitcoin consumes more electricity than most African countries.