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Canadians have used an infinite quantity of electrical energy for Bitcoin mining this 12 months, inserting further pressure on the nation’s energy grid.
A latest examine on the cryptocurrency’s international power consumption discovered that the quantity of energy required to mine one Bitcoin has doubled since April’s halving occasion, when the reward for one block went from 6.25 to three.125 BTC.
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In Canada, about 4,048 gigawatt hours of electrical energy has been consumed by Bitcoin mining oerations for the reason that begin of 2024 in line with a report by MarketsChain utilizing knowledge from the Cambridge Bitcoin Electrical energy Consumption Index.
This quantities to an expenditure of $424.2 million, primarily based on the typical electrical energy price of $0.10 per kilowatt-hour as of Might, the report stated.
“In accordance with our calculations, this quantity of power may cost each electrical car in Canada 160.42 instances or energy 363,566 households for a 12 months, accounting for two.19 per cent of all 16.6 million Canadian households,” MarketsChain senior knowledge analyst Ben Goldstein stated.
Of the 125,550 Bitcoins mined globally in 2024, Canadian mining services are liable for 8,135.69, or 6.48 per cent share of worldwide manufacturing, the examine stated.
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This makes Canada the world’s fourth-largest Bitcoin mining hub, proper behind the US, China and Kazakhstan.
The examine’s authors estimate that for the reason that halving occasion on April 20, the typical quantity of electrical energy required to mine one Bitcoin doubled from 407,059 kWh to 850,219 kWh, whereas the price rose from $42,656.06 to $89,095.14.
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