from 2022
The Digiconomist's Bitcoin Energy Consumption Index estimated that one bitcoin transaction takes 1,449 kWh to complete, or the equivalent of approximately 50 days of power for the average US household.
To put that into money terms, the average cost per kWh in the US is close to 12 cents. That means a bitcoin transaction would generate approximately an energy bill of $173.
Bitcoin mining uses around as much energy as Argentina, according to the Bitcoin Energy Consumption Index, and at that annualized level of 131.26 terawatt-hours, crypto mining would be in the top 30 of countries based on energy consumption.
From 2022 to now the number of Bitcoin mining farms has at least doubled, if not tripled….or more.
“To put that into money terms, the average cost per kWh in the US is close to 12 cents. That means a bitcoin transaction would generate approximately an energy bill of $173.”
Miners are rewarded for this with new coins. What happens after all coins have been mined?