China is largely getting out of the Bitcoin mining business. That’s because the process is extremely energy hungry and China was supplying it mostly with fossil fuels – hurting its climate change goals.
Some Texas leaders have suggested the Lone Star State might be a good alternative location but Jake Dean reports for Slate that the required energy consumption ought to be a deterrent.
“So if we turn to the Bitcoin Energy Consumption Index, which is an attempt to actually estimate the amount of energy being used, just from a couple of days ago, the current estimates are about 133 TWh (terawatt hours) per year,” Dean said. “Which to put that in perspective, that s about the energy usage of the entire country of Argentina being dedicated to Bitcoin mining and Bitcoin transactions.”
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