Tech Facts

Bitcoin draws as much power as Sweden

Bitcoin draws as much power as Sweden

Elon Musk invests in Bitcoin

One reason for Bitcoin’s increase in value is that Elon Musk has decided to invest part of his car company Tesla’s money in Bitcoin. When Tesla bought Bitcoin for 13 billion, the price rose rapidly.

Experts now believe that Tesla’s investment will be followed by other companies, as Tesla is one of the world’s most highly valued companies.

The high valuation of Bitcoin has made it increasingly economically interesting to produce Bitcoin.

Bitcoin production requires computers

Computers around the world work around the clock to produce Bitcoin.

When a computer is used to produce Bitcoin, it helps to confirm all the transfers that take place with Bitcoin and ensure that the system’s register of Bitcoin payments is updated.

A computer that produces Bitcoin actually calculates complex mathematical equations that become increasingly difficult with time since Bitcoin launched in 2009.

Then it was possible to produce Bitcoin with a regular computer and those who were early on it could get lots of Bitcoin in a short time.

Bitcoin draws lots of power

Today, expensive computers with many processors are required to handle the advanced calculations. It is especially in countries with cheap electricity that Bitcoin production is interesting, for example in China.
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Cambridge University has a service called Cambridge Bitcoin Electricity Consumption Index which keeps track of how much power the Bitcoin production draws.

At the time of writing, power consumption is 130 terawatt hours and consumption is constantly increasing.
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Right now, the production of Bitcoin accounts for about 0.6 percent of the world’s total electricity consumption.

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