Energy from idle equipment in the US could power Bitcoin mining for 4 years

Academic researchers at the University of Cambridge (UoC) have launched a real-time index that tracks the total electricity consumption of the Bitcoin network.

The news was announced in a July 2 announcement by the Cambridge Centre for Alternative Finance (CCAF), the university’s interdisciplinary academic research institute.

The Cambridge Bitcoin Electricity Consumption Index (CBECI) estimates the total annual energy consumption of the Bitcoin network and is updated every 30 seconds. The researchers also provide a tool to compare BTC's consumption levels with other electricity users, while also providing a range of parameters to contextualize the real-time data.

At press time, CBECI’s estimate reads 7.15 gigawatts (GW) and an annual average of 53.01 terawatt hours (TWh). Lower and upper bound readings are provided in parallel with the main estimate – 2.68 GW (21.46 TWh) and 21.71 (146.45 TWh), respectively.

As commentators on Crypto Twitter have already spotted, the CBECI notes that the electricity wasted each year simply through household devices that never shut down but are inactive could apparently power the Bitcoin network for 4 years.

Conversely, the amount of electricity consumed by the Bitcoin network in one year could power all the tea kettles used to boil water in the UK for 11 years, and 1.5 years in Europe (including the UK)

According to the CBECI, Bitcoin is estimated to consume 0.24% (20,863 TWh) of the world’s total electricity annually. A chart comparing the network to the total power consumption of states around the world ranks Bitcoin as the 43rd “country” — consuming more electricity than several states, including Romania, Denmark, Israel, Singapore, and Uzbekistan.

CCAF noted that it has constructed the index to provide objective and neutral data that can be used by policymakers, regulators, researchers and others, and to contribute to the discussion on the sustainability and environmental impact of Bitcoin mining.

CCAF claims that there are few reliable estimates of a coin’s power usage, as most only provide a one-time snapshot, and that a more comprehensive analysis of the crypto industry’s carbon footprint is needed. The second phase of the index and site development will reportedly include an interactive geographic map of mining facilities around the world.

Clean energy advocates reportedly pushed back against the view that high energy usage is Bitcoin’s Achilles’ heel, arguing that the debate needs to shift from mining’s electricity consumption to where and how energy is generated.

Earlier this month, crypto investment products and research firm CoinShares released a study suggesting that an estimated 74.1% of BTC mining is powered by renewable energy.