Last modified on Sat 27 Feb 2021 03.03 EST
It’s not just the value of bitcoin that has soared in the last year – so has the huge amount of energy it consumes.
The cryptocurrency’s value has dipped recently after passing a high of $50,000 but the energy used to create it has continued to soar during its epic rise, climbing to the equivalent to the annual carbon footprint of Argentina, according to Cambridge Bitcoin Electricity Consumption Index, a tool from researchers at Cambridge University that measures the currency’s energy use.
Recent interest from major Wall Street institutions like JPMorgan and Goldman Sachs probably culminated in the currency’s rise in value and an endorsement by Tesla’s Elon Musk helped drive its recent high as investors bet the cryptocurrency will become more widely embraced in the near future.
More electricity is used to mine bitcoin than is used to power some countries, researchers have found. The value of Bitcoin has soared in the last year or so, reaching a record-high of $50,000 this month. According to a tool developed by researchers at Cambridge University, the currency’s energy use is equivalent to the annual …
Earlier this year, electric car company Tesla announced that it had bought €1.2 billion of the cryptocurrency, Bitcoin.
It also simultaneously became the first major car manufacturer to take payments for its products using the cryptocurrency. It was a big investment for the company, which said it wanted “more flexibility to further diversify and maximise returns”.
The value of the digital asset surged, reaching a high of nearly €48,000 per coin. But it then subsequently tumbled leaving many investors out of pocket, with much of its volatility based on the speculation of Tesla founder, Elon Musk’s tweets.
That said, BTC & ETH do seem high lol Elon Musk (@elonmusk) February 20, 2021