Bitcoin mining consumes 5 GW of electricity per day, nearly 1% of the world's total electricity consumption

According to foreign media reports, Arvind Narayanan, a professor of computer science at Princeton University, estimated that Bitcoin mining consumes 5 gigawatts of electricity per day, close to 1% of global electricity consumption. In May this year, Bitcoin mining consumed about half of this figure.

5 GW of electricity per day could power around 4 million homes, or more than 8 million people across London.

Bitcoin mining requires a lot of electricity, and companies involved in large-scale mining operations are aware of this problem. They try to adopt various solutions to make the mining process more energy efficient.

Narayanan believes that the factor that really determines how much energy Bitcoin consumes is the price of Bitcoin. If the price of the cryptocurrency rises, then more energy will be used for mining; if the price falls, then less energy will be consumed. In particular, the continuous improvement of the energy efficiency of mining hardware has basically no effect on energy consumption.