Bitcoin Mining Consuming More Electricity Than Some Countries

The Bitcoin network, one of the most popular cryptocurrencies, is currently using almost as much energy as Ireland, and can consume around 0.5 percent of the world's total electricity by the end of this year.

Bitcoin's growing electricity demand attracted almost as much attention as the wildly fluctuating value .
However, the assessment of the exact amount of electricity used by the Bitcoin network needed to understand its impact and implementation policy remains challenging.

Economy-based calculations put the minimum current use of the Bitcoin network at 2.55 gigabytes, which means it uses almost as much electricity as Ireland.

A deal uses as much electricity as the average household in the Netherlands uses for a month. By the end of this year, it predicts that the network can use up to 7.7 gigabits - as well as Austria and half the percentage of total consumption in the world.

If Bitcoin's price continues to increase the way some experts predict,that the network may someday consume five percent of global electricity.