Bitcoin Mining

• 110 terawatt-hours (TWh) It is equal to 0.55% of global electricity production.  
• And it is roughly equal to the annual energy consumption of countries like Sweden, Malaysia, etc. 
• This is the amount of electricity used for mining Bitcoin.
• These are the numbers provided by the Cambridge Center for Alternative Finance (CCAF). The organization gathers anonymous data from major Bitcoin mining pools. 
• Does this mean Bitcoin is increasing carbon emissions? 
• Experts say it is tough to come to a conclusion.
• It’s fairly easy to estimate the energy consumption but not the source of the electricity it consumed. 
• According to a 2019 report by Coinshare, 73% of Bitcoin mining is carbon neutral. 
• The report says all the major mining hubs are located in places where hydroelectric power is abundant. 
• But according to CCAF, only 39% of Bitcoin mining is carbon neutral. 
• There is no consensus among experts regarding cryptocurrencies' non-sustainable energy consumption.
• In February this year, Elon Musk announced that Tesla would accept Bitcoin payments.
•  In May, he reversed the decision for climate concerns. 
• He said Bitcoin mining is encouraging the use of fossil fuels for electricity production.
• Recently, Musk said that he would allow Bitcoin payments when there is confirmation that 50% of mining happens with clean energy.