transaction than visa (note that the chart below compares a single Bitcoin transaction to 100,000 visa transactions). However, although Bitcoin is one of the worst examples of our profligate use of fossil fuels to create wealth, it is not alone. Media outlets believe that if people do not find ways to mine it efficiently, Bitcoin's days will not only be numbered, it will prove deadly to the planet as it counts its days down. This means the estimated annualised global mining revenues now stand.2 billion USD (5.4 billion), which even at the more expensive estimates listed above, means its still very profitable. A typical Visa card payment, for example, requires.01 kWh while another cryptocurrency, Ethereum, uses 37 kWh. Indeed, Bitcoin's energy consumption is designed to fall in the long run. The electricity used in a single Bitcoin transaction, for instance, could power a house for a month. Fortunately, while the Bitcoin network consumes a ridiculous amount of energy, particularly on a per-transaction basis, the situation isn't as dire as critics like Holthaus claim. Once one of the miners finally manages to produce a valid block, it will inform the rest of the network. Bitcoin Mining consumes more electricity than 12 US states (Alaska, Hawaii, Idaho, Maine, Montana, New Hampshire, New Mexico, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming).
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More exotic mining algorithms exist that could dramatically reduce power consumption. Another important point: that fixed.5 bitcoin reward doesn't depend on the number of transactions the Bitcoin network processes. Bitcoin could be the money of the future unless it continues to operate in the same way that it currently does. The US average retail price per kilowatthour.41 cents, which means using.05 TWh would cost:.02 billion (2.28 billion). And as we move to driverless cars and other data-intensive internet of things technologies, the demand for energy will only increase. Bitcoin Energy Consumption Index. The skyrocketing value of Bitcoin is leading to soaring energy consumption.