Bitcoin’s Energy Consumption Nears Belgium, Finland Figures

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Bitcoin’s hashrate reached new record highs this week, leading one study to estimate its total energy consumption now matches some EU nations. More Power Than Belgium? According to the latest data from the University of Cambridge, the Bitcoin network uses around 79.79 terawatt hours (TWh) of power every year. The establishment has created a dedicated monitoring resource for Bitcoin, which it has dubbed the Cambridge Bitcoin Electricity Consumption Index (CBECI). Based on statistics from 2016, Belgium uses 82.1 TWh, while Finland is just ahead with 82.8 TWh. The Philippines is the closest nation behind Bitcoin in terms of power usage, with 78.3 TWh. Bitcoin’s energy consumption has increased throughout this year as its network hashrate continues to hit new all-time highs. As reported on Thursday, that figure now stands at somewhere between 110 quintillion and 134 quintillion hashes per second. Hash rate is a measure of how much computing power…

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