According to a recent study, the power used by bitcoin miners throughout the globe exceeds that of Denmark as a whole.
By 2020, the energy used in bitcoin mining might release an astounding 8 billion tons of carbon dioxide into the environment. This is equal to the total CO2 emissions from all the ships, aircraft, and vehicles in the United States.
The study also discovered that 5% of all bitcoin trade volume and 2% of all worldwide power use are related to bitcoin mining. Due to the increase in activity, the price of Bitcoin has increased as well; from less than $1,000 per coin at the start of 2017 to more than $17,000 today, a jump of more than 3,500%.
These figures have led the research team behind this study, BitFury Group, to the conclusion that Bitcoin mining has evolved into a power-intensive enterprise.