Bitcoin Mining Increased Energy Consumption Tenfold Since 2018

According to recent data, energy consumption by Bitcoin miners has increased tenfold since 2018. In 2024, Bitcoin mining consumes between 110 and 172 TWh annually, comparable to the energy consumption of entire countries.

The total energy consumption of the Bitcoin network has reached 176.02 TWh per year. This raises environmental concerns, as the network’s energy use exceeds the annual consumption of countries like Finland.

Experts predict that by 2027, mining will account for 2% of global electricity consumption. This highlights the need to find more efficient mining methods and transition to renewable energy sources.