The energy currently used by idle devices in the United States would be enough to feed the bitcoin network. The information comes from a study developed by academic researchers from Cambridge University (UoC).
The group has developed an index that tracks in real time the total electricity consumption of the bitcoin network. It is called Cambridge Bitcoin Electricity Consumption Index, or CBECI, the meter is already active and is updated every 30 seconds.
The index aims to provide neutral and accurate data about the cryptocurrency. In that way, they can be used by policy makers, regulators and researchers. In addition, the researchers aim to contribute to the debate on sustainability and the environmental impact of bitcoin mining.
According to the scientists, until now there were few reliable estimates of the cryptocurrency energy use. They explain that most of them only provide instant results. Therefore, they realized the need of a more comprehensive analysis on the carbon employment in the crypto industry. The researchers intend to develop a second phase of the project. In this following step, it will be included an interactive geographical map of the mining facilities around the world.
Wasted energy could feed the bitcoin network
According to the device, the bitcoin is responsible for about 0.24% of the total electricity consumption around the world annually, which equals 2.0863 TWh.
Another conclusion is that the wasted electricity annually by domestic appliances in the US that are connected, but without using, could feed the cryptocurrency network for about four years. On the other hand, the energy consumed by the bitcoin network in a year could feed all the kettles used for boiling water in the United Kingdom for 11 years. If the whole Europe is considered, the energy would be equivalent to a year and a half of kettles.
Bitcoin consumes more energy than Singapore
Yet the chart that compares the network with the total power consumption of the countries shows that if the bitcoin was a country, it would be in the 43rd position as consumer. This means that the currency consumes more energy than many nations, including Romania, Denmark, Israel, Singapore and Uzbekistan.
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The information was disclosed on the site Coin Telegraph.