Email receipts, paperless banking, electronic filing: these computer-powered features have been notoriously helpful when it comes to conserving energy and natural resources. As a matter of fact, with apps like PayPal and Venmo, even cash is becoming somewhat obsolete!
One would infer, then, that cryptocurrency such as Bitcoin would be the most environmentally friendly electronic trend of all. But, as it turns out, one would be shockingly wrong! A new study from the University of Cambridge has discovered that this online currency actually consumes more energy than the nation of Switzerland.
Yes, you read that correctly- Bitcoin mining equipment uses MORE electricity than an ENTIRE country.
Here are the specifics: Switzerland consumes about 58.46twH of power a year. This new study shows that Bitcoin gobbles up a cool 64.15twH. Some perspective? It would take the Hoover Dam about 12,830 years to produce this much energy. That’s nothing to sneeze at! As futuristic and advanced as Bitcoin seems, it appears that its carbon footprint is nothing short of prehistoric.
Trying to become more eco-friendly? Just stick to your traditional banking apps, utilize paperless billing, and turn off your lights when you’re not using them!