Bitcoin Mining Energy Consumption in Canada Doubles in 2024
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Loading... - Fiona Martel
- 17 Jul 2024
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Canadian Bitcoin mining operations have seen a substantial increase in energy consumption this year, significantly impacting the nation's power grid. A recent study on global cryptocurrency energy usage highlighted that the power required to mine one Bitcoin has doubled following April's halving event, reducing the reward per block from 6.25 to 3.125 BTC.
Key Findings
Electricity Consumption: Canadian Bitcoin mining facilities have consumed approximately 4,048 gigawatt hours (GWh) of electricity since January 2024.
Financial Expenditure: This energy usage equates to an expenditure of $424.2 million, based on an average electricity rate of $0.10 per kilowatt-hour.
Energy Comparison: The energy consumed could charge every electric vehicle in Canada 160.42 times or power 363,566 households for a year, representing 2.19% of Canada's 16.6 million households.
Global Impact and Ranking
Of the 125,550 Bitcoins mined worldwide in 2024, Canadian mining facilities have produced 8,135.69 Bitcoins, accounting for a 6.48% share of global production.
Canada ranks as the fourth-largest Bitcoin mining hub globally, following the United States, China, and Kazakhstan.
"According to our calculations, this amount of energy could charge every electric vehicle in Canada 160.42 times or power 363,566 households for a year, accounting for 2.19% of all 16.6 million Canadian households," said Ben Goldstein, senior data analyst at MarketsChain.
The study underscores the urgent need for addressing the environmental footprint of cryptocurrency mining and exploring more sustainable energy solutions to mitigate its impact on the power grid and overall energy consumption.
