It is known that one of the biggest criticisms of the leading cryptocurrency Bitcoin is the amount of energy spent in mining. Although BTC mining seems to require very high electrical energy, in fact, the situation was seen to be much different.
According to the data shared by Arcane Research, a successful research company, recently, less energy is consumed in Bitcoin mining than the electricity consumed in the video game industry. Although the energy consumption in BTC mining has increased significantly in recent years, it is noteworthy that it is still at low levels on a global scale. Currently, Bitcoin miners use around 100 TWh of electricity per year. This figure constitutes approximately 0.06 percent of the world's total energy demand.
As the chart above shows, the video game industry consumes around 105 TWh of electricity per year. Although the gaming industry is huge, no one can claim that Bitcoin is too small compared to these industries.
Roughly 2.5 times the energy used in Bitcoin mining is used in gold mining. For paper production, electricity is used at 24 times the rate of BTC mining. Although the migration of Bitcoin miners to regions where energy prices are more affordable does not reduce the amount of electricity used, it reduces energy costs. It is predicted that in the future, when states determine that the energy used in Bitcoin mining is not huge, they will adopt the leading cryptocurrency.
The leading cryptocurrency Bitcoin's price is $19,802 as of now, while the last 24-hour trading volume of BTC was recorded as $20,083,035,291. Bitcoin (BTC) price is down -0.2% in the last 24 hours. Bitcoin, the largest cryptocurrency in the cryptocurrency market, reached an all-time high price of $69,044 about 10 months ago on Nov 10, 2021.