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Bitcoin mining uses more electricity per year than the country of Oman

Bitcoin mining uses more electricity per year than the country of Oman
[Photo: Clem Onojeghuo /Unsplash]

The global energy required by the bitcoin network, which is responsible for verifying bitcoin transactions, exceeds the annual energy consumption of the Arabian country, reports Digiconimist. The publication estimates that bitcoin mining consumes 30.14TWh of power a year at a cost of $1.5 billion in electric bills. Of course, the people who own and trade in bitcoin probably don’t mind, as a single unit of the digital currency approaches $10,000. Still, the amount of energy consumption bitcoin requires is staggering. If people were to stop mining bitcoin and direct the same electricity to power U.S. households, 2,790,553 homes in America could be powered each year–and 9.94 homes could be powered for a day by the electricity it takes to power just one bitcoin transaction alone.MG