According to new research, the amount of electricity used by the Bitcoin mining industry is enough to power approximately 6.4 million homes in the UK.
It is suggested that the Bitcoin industry is using 0.13% of global power usage ever year, with an annual consumption of 28.8TWh. This equates to 13.5million barrels of oil a year!
Mining for Bitcoin is done solely on computers – every 10 minutes or so mining computers collect a few hundred pending Bitcoin transactions, ie a “block”, and turns them into a mathematical puzzle. The puzzle is then available for the miners to attempt to solve using a computer programme, and are issued a certain number of Bitcoins in exchange.