After a couple of years, bitcoin mining will take all electricity in the world

Studies show that the annual energy consumption for mining bitcoins exceeds the amount of electricity consumed in 159 countries, such as Ireland, Tajikistan, and Slovenia. So one BTC transaction requires as much energy as within a month consumes one household in the Netherlands.

If you can imagine a picture, when all the miners unite in a single state, the sum of power consumption is the “mining state” is a 61-th place in world ranking of energy consumers, next to Slovakia and Morocco.

In recently published a research report said

“If the consumption will continue to grow in the same dynamics, which is observed lately, to February 2020, bitcoin mining will consume all the world’s electricity (21 776 terawatt-hours)”.

According to those same analysts, the annual total profit from mining bitcoin reaches $7.2 billion at the same time the energy spends about $1.5 billion This electricity it is possible to provide 2.4 million residents of the United States, or 6.1 million of the UK population.

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