Global Bitcoin mining now consumes as much electricity as Nigeria

Bitcoin prices are at an all-time high (over $7k per coin), but the trajectory comes with a surprising side effect: energy consumption for cryptocurrency transactions is through the roof.

Bitcoin prices are at an all-time high (over $7k per coin), but the trajectory comes with a surprising side effect: energy consumption for cryptocurrency transactions is through the roof.

As more and more miners take to their comps, they must solve “increasingly more difficult cryptographic puzzles.”

These complex computations, in turn, take more and more energy, meaning that today, just one Bitcoin transaction now takes 215 kilowatt-hours of electricity — enough to power the average American home for a week.

It’s all thanks to massive international mining operations

Operating overseas in countries like China, Malaysia, and Iceland, out of huge data centers filled with supercomputers. Aka energy-sucking monsters. Aka we aren’t talking Dells, people!

As a result, electricity costs comprise nearly 95% of total mining costs — hence why the highest concentration of miners are located close to cheap hydropower (near places like Tibet).

So sure, it’s not “mining” in the traditional sense… it’s crypto-mining in, like, “the future is now” kinda sense.

And crypto sure has a carbon footprint

According to Digiconomist’s Bitcoin Energy Consumption Index,” as Bitcoin’s energy consumption continues to rise, it’s blowing other global payment systems out of the water.

Bitcoin mining currently takes 27 times more energy than the entire global Visa network and 3 times more energy than the next largest cryptocurrency, Ethereum — which, unlike Bitcoin, is actually taking steps to reduce its energy-sucking mining algorithm.

Don’t you dare make us start taking sides in the crypto-game, Bitcoin. It’s too soon!

Get the 5-minute roundup you’ll actually read in your inbox​

Business and tech news in 5 minutes or less​

Psst

How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

[email-submission-form button-text="Join Free" include-trends-opt-in="true" success-url="https://thehustle.co/signup" default-source="thehustleco" default-medium="home-exit-popup" default-campaign="home-page" form-id="exit-popup-general" optinmonster-conversion="true"]
<script type="text/javascript"> var onloadCallback = function() { grecaptcha.render('verify-your-humanity', { 'sitekey' : '6LdddrcZAAAAALyttpvOqiwQGwq5BNhgDz4tMQGE' }); }; function getCookieValue(a) { var b = document.cookie.match('(^|[^;]+)\\s*' + a + '\\s*=\\s*([^;]+)'); return b ? atob(decodeURIComponent(b.pop())) : ''; } function getCookie(name) { var cookieArr = document.cookie.split(";"); for(var i = 0; i < cookieArr.length; i++) { var cookiePair = cookieArr[i].split("="); if(name == cookiePair[0].trim()) { return decodeURIComponent(cookiePair[1]); } } return null; } function setHiddenFieldValue(wrappingDiv, searchParams, className, utmName, cookieName, defaultValue) { var el = wrappingDiv.getElementsByClassName(className)[0]; var existingVal = el.getAttribute('value'); if (utmName == 'ref') { var newVal = searchParams.get(utmName) || getCookie(cookieName); } else { var newVal = searchParams.get(utmName) || getCookieValue(cookieName); } if ((existingVal == null || existingVal == '' || existingVal == defaultValue) && (newVal != null && newVal != '')) { el.setAttribute('value', newVal); } } function setHiddenFieldValueFromUtm( wrappingDiv, searchParams, className, utmName, defaultValue ) { var el = wrappingDiv.getElementsByClassName(className)[0]; if (el != null) { var existingVal = el.getAttribute("value"); var newVal = searchParams.get(utmName); if (newVal != null && newVal != "") { el.setAttribute("value", newVal); } } } function initForm() { var wrappingDivs = document.getElementsByClassName('email-submission'); wrappingDivs.forEach(wrappingDiv => { var sp = new URLSearchParams(window.location.search); setHiddenFieldValue(wrappingDiv, sp, 'funnel-source', 'utm_source', 'funnel_source', 'thehustleco'); setHiddenFieldValue(wrappingDiv, sp, 'funnel-campaign', 'utm_campaign', 'funnel_campaign', 'home-page'); setHiddenFieldValue(wrappingDiv, sp, 'funnel-medium', 'utm_medium', 'funnel_medium', 'home-exit-popup'); setHiddenFieldValue(wrappingDiv, sp, 'funnel-referral', 'ref', 'funnel_referral', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-a', 'a', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-c', 'c', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-o', 'o', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-oc', 'oc', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-e', 'e', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-f', 'f', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-r', 'r', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-t', 't', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s1', 's1', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s2', 's2', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s3', 's3', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s4', 's4', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s5', 's5', ''); var error_message = getCookieValue('validate-email-message'); if (error_message && error_message.trim() != '') { var error = wrappingDiv.getElementsByClassName('funnel-error')[0]; var prev_email = getCookieValue('funnel_email'); error_message = prev_email + " is not valid. Please try again"; error.innerHTML = error_message; error.style = ''; } }); if (false) { initCaptchaFormV2(); } } function initCaptchaFormV2() { var v3RecaptchaResponseEl = document.getElementById('recaptcha-response-v3'); v3RecaptchaResponseEl.parentNode.removeChild(v3RecaptchaResponseEl); var wrappingDiv = document.getElementById('email-submission'); var subForm = wrappingDiv.getElementsByClassName('email-submission')[0]; var captchaVersion = document.createElement('input'); captchaVersion.class = 'g-recaptcha hidden-input'; captchaVersion.type = 'hidden'; captchaVersion.name = 'g-recaptcha-response-v2'; captchaVersion.value = 'true'; subForm.appendChild(captchaVersion); var captchaEl = document.createElement('div'); captchaEl.id = 'verify-your-humanity'; subForm.prepend(captchaEl); var captchaApiScriptEl = document.createElement('script'); captchaApiScriptEl.src = 'https://www.recaptcha.net/recaptcha/api.js?onload=onloadCallback&render=explicit'; captchaApiScriptEl.async = true; captchaApiScriptEl.defer = true; document.head.appendChild(captchaApiScriptEl); } function appendCheckboxes_email_submission() { var wrappingDiv = document.getElementById('email-submission'); var optInDivs = wrappingDiv.querySelectorAll('.trends-opt-in'); optInDivs.forEach(el => { el.style.display = null; if (el.getElementsByClassName('trends-opt-in-checkbox').length < 1) { var checkbox = document.createElement('input'); checkbox.setAttribute('id', 'trends_opt_in_email_submission'); checkbox.setAttribute('class', 'trends-opt-in-checkbox'); checkbox.setAttribute('type', 'checkbox'); checkbox.setAttribute('name', 'trends_opt_in'); var label = document.createElement('label'); label.setAttribute('for', 'trends_opt_in_email_submission'); label.setAttribute('class', 'trends-opt-in-text'); label.textContent = "Yes, I'd like to receive additional emails on hot business opportunities from Trends, by the Hustle"; el.appendChild(checkbox); el.appendChild(label); checkbox.click(); } }) } window.addEventListener('DOMContentLoaded', (event) => { initForm(); if (true) { appendCheckboxes_email_submission(); } }); </script> <div class="email-signup" id=email-submission> <div class="funnel-error" style="display:none;"></div> <form class="email-submission " id="exit-popup-general" action="https://cms.thehustle.co/api/v1/contacts/wordpress_create" method="post" autocomplete="email"> <div class="email-form-wrap"> <input class="funnel-source hidden-input" type="hidden" name="source" value="thehustleco"> <input class="funnel-campaign hidden-input" type="hidden" name="campaign" value="home-page"> <input class="funnel-medium hidden-input" type="hidden" name="medium" value="home-exit-popup"> <input class="funnel-form-id hidden-input" type="hidden" name="form-id" value="exit-popup-general"> <input class="funnel-referral hidden-input" type="hidden" name="referral_code"> <input class="funnel-fail-url hidden-input" type="hidden" name="fail_url" value=""> <input class="funnel-a hidden-input" type="hidden" name="a" value=""> <input class="funnel-c hidden-input" type="hidden" name="c" value=""> <input class="funnel-o hidden-input" type="hidden" name="o" value=""> <input class="funnel-oc hidden-input" type="hidden" name="oc" value=""> <input class="funnel-e hidden-input" type="hidden" name="e" value=""> <input class="funnel-f hidden-input" type="hidden" name="f" value=""> <input class="funnel-r hidden-input" type="hidden" name="r" value=""> <input class="funnel-t hidden-input" type="hidden" name="t" value=""> <input class="funnel-s1 hidden-input" type="hidden" name="s1" value=""> <input class="funnel-s2 hidden-input" type="hidden" name="s2" value=""> <input class="funnel-s3 hidden-input" type="hidden" name="s3" value=""> <input class="funnel-s4 hidden-input" type="hidden" name="s4" value=""> <input class="funnel-s5 hidden-input" type="hidden" name="s5" value=""> <input class="funnel-success-url hidden-input" type="hidden" name="success_url" value="https://thehustle.co/signup"> <input id="recaptcha-response-v3" class="g-recaptcha hidden-input" type="hidden" name="g-recaptcha-response" value=""> <div class="signup-icon" style="display:none;"> <svg width="24" viewBox="0 0 24 24" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M22 6c0-1.1-.9-2-2-2H4c-1.1 0-2 .9-2 2v12c0 1.1.9 2 2 2h16c1.1 0 2-.9 2-2V6Zm-2 0-8 5-8-5h16Zm0 12H4V8l8 5 8-5v10Z" fill="#848B92"></path></svg> </div> <input class="signup-email" type="email" name="email" placeholder="Your email address" required autocomplete="email"> <input class="email-submit om-trigger-conversion" type="submit" value="Join Free"> </div> <div class="validate-mistake-emails-message" style="display:none;"></div> <div class="trends-opt-in" style="display:none;"></div> <div submit-success> <template type="amp-mustache"> <p class="c-message c-message--success">Thank you for subscribing.</p> </template> </div> <div submit-error> <template type="amp-mustache"> <p class="c-message c-message--failed">Your submission failed. Please try again!</p> </template> </div> </form> </div>