Three hundred thousand daily Bitcoin transactions are equivalent to an energy consumption of 900 Kilowatts per month and for each unit of the mined cryptocurrency, between 24 and 40 tons of CO2 are emitted into the atmosphere.
The increase in the price of Bitcoin has radically increased its energy consumption. After the cryptocurrency reached its historic peak on November 3rd when it was positioned above US $7,000 per unit, the Digiconomist website posted alarming figures regarding the general electricity consumption of its transactions. The index of the aforementioned site indicates that 300 thousand transactions per day of Bitcoin equals an energy consumption of 900 Kilowatts per month. This is the year 24.52 Terawatts, equivalent to 0.12% of the electricity generated globally. It also indicates that for each mined Bitcoin, 24 to 40 tons of CO2 are emitted into the atmosphere.
This is derived from the fact that the digital currency works by calculating computations to undermine new cryptocurrencies which causes its energy consumption to increase as more transactions are verified. This means that the higher your price increases, the higher your energy consumption.
The amount of emissions is equivalent to the average energy used by a US house in a month or a country like Nigeria in a year.