Bitcoin consumes 64 billion kilowatt-hours of electricity a year, more than the entire Switzerland, study says

According to the latest estimates released by researchers at the University of Cambridge, Bitcoin consumes more energy each year than the entire Switzerland.
An online tool called the Cambridge Bitcoin Electricity Consumption Index (CBECI) launched this week provides real-time estimates of the energy required to maintain the bitcoin network before calculating its annual energy usage.
Currently, CBECI shows that the global Bitcoin network is consuming more than 7 gigawatts of electricity, equivalent to 64 terawatt hours of energy consumption per year (1 terawatt hour = 1 billion kilowatt hours). This is more than Switzerland's annual electricity consumption of 58 terawatt hours and slightly less than Colombia's annual electricity consumption of 68 terawatt hours.
This means that Bitcoin accounts for about 0.25% of total global electricity consumption. As we all know, Bitcoin requires a lot of electricity, and miners around the world use this electricity to run the necessary computer hardware to maintain the network and verify payments.
But it should be noted that these figures are estimated. The Cambridge Centre for Alternative Finance, which is responsible for the research, also stated in a blog post announcing the new index that "there are few reliable estimates of Bitcoin's electricity consumption."
Alex de Vries, a Bitcoin expert at PwC, estimates that the energy consumed by each Bitcoin transaction exceeds the total energy consumed by all other banks in the world for a single transaction. (Investor Network)