A real-time index to track the total electricity consumption of the bitcoin network recently became operational.
The index was developed by academic researchers at the University of Cambridge (UoC). The announcement states that the Cambridge Bitcoin Electricity Consumption Index (CBECI) is now live.
CBECI gives the closest possible estimate of the total electricity of the bitcoin network and it’s updated every 30 seconds.
The UoC researchers have also developed a tool for measuring BTC consumption levels with other electricity use case. There are also other parameters used to contextualize the constantly updated live data.
According to the tool, bitcoin has a yearly total electricity consumption of 58.93 TWh. There are currently 42 countries with a higher total electricity consumption. China is in a league of its own with 5564 TWh, followed by the United States with 3902 TWh.
Currently CBECI shows an estimated 7.62GW, with 53.01 terawatt/hour (Twh) average.
Twitter users have already quickly used the CBECI readings to calculate some very interesting facts. It seems that the power wasted every single year by turned-on, but inactive home devices in the United States alone, could power the entire bitcoin network for 4 straight years.
The total electricity consumption reveals some interesting statistics
As an interesting side note, the current power consumed by the bitcoin network, would be sufficient to power all tea kettles in the United Kingdom for 11 years.
Even though the bitcoin network’s total electricity consumption is outranked by 42 countries, it’s actually 0.24% or (20863 TWh) of the entire global power consumption.
According to the Cambridge Centre of Alternative Finance (CCAF), the index was constructed with the sole purpose of providing neutral, raw data to be used by regulators, policy makers and researchers.
This information gathered by CBECI, will hopefully be used to accurately judge the environmental impact of bitcoin mining.
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Tags:bitcoin electricity consumptionbitcoin mining impactbitcoin network power consumptionbitcoin power consumptionCBECICBECI index Cambridgecountries power consumption