Cambridge University has launched a new real-time index tracking the total electricity consumption of the Bitcoin network. This index is named as CBECI, i-e Cambridge Bitcoin Electricity Consumption Index.
This index provides a real-time estimate of the total annual electricity usage of the Bitcoin network and enables live comparisons with alternative electricity uses in order to put numbers into perspective.
The index has been developed in response to growing concerns over the sustainability and environmental impact of Bitcoin mining, which relies on computation-heavy cryptographic operations that require significant amounts of electricity.
The CBECI provides a neutral and objective platform for reliable information on Bitcoin’s electricity consumption for use by policymakers, regulators, researchers, the media and others.
According to cbeci.org website, Bitcoin is using around seven gigawatts of electricity, equal to 0.21% of the world’s supply. It seems the Bitcoin electricity usage got increased very fast in the past 3 years.
The website features a comparison section to help visitors independently assess the relative magnitude of Bitcoin’s electricity usage: for example, the current annual estimate of 50 terawatt-hours (TWh) could power all European tea kettles used to boil water for a year, or satisfy the energy needs of the University of Cambridge for 365 years.
And, the annual electrical power of consumption of the Bitcoin network is more than that of Switzerland
Looked at from a different perspective, the electricity wasted each year by always-on but inactive home devices in the United States alone could power the Bitcoin network more than four times.
News Source: https://insight.jbs.cam.ac.uk/2019/cambridge-bitcoin-electricity-consumption-index-cbeci/
