According to the International Financial Conglomerate Citigroup, the Bitcoin network now consumes 66 times more electricity than six years ago.
In a new report, the company refers to the study of the University of Cambridge, according to which the current annual energy consumption is estimated at 143 TW. In fact, Bitcoin now consumes about the same amount of electricity as Sweden.
At the same time, Citigroup analysts also note that since 2015, the course of leading cryptocurrencies rose 170 times. Since the increase in the price is three times higher than the growth rate of energy consumption, it is quite justified from an economic point of view.
In particular, he substantiated that miners use only the cheapest energy, to 76% of which comes from hydropower plants, solar farms and other renewable sources. Therefore, cryptocurrency mining has a slight impact on the climate.
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