Bitcoin hashrate got two historical records this week. Along with it, naturally, the energy consumption of the cryptocurrency network has also grown. According to analysts from the University of Cambridge, the annual level of electricity consumption by the Bitcoin network will soon reach that of Belgium.
How much electricity does bitcoin need? Experts note that the energy consumption level of a cryptocurrency for a year cannot be calculated with very high accuracy, so some rounding is allowed in the analysis. BTC is now at 37th place with a rate of 79.79 TWh per year. First place in the ranking is China with a significant margin from the United States.
More recently, Bitcoin has overtaken the Philippines and Chile in terms of the electricity amount used. Further in line are Belgium and Finland.