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Bitcoin Mining now consuming more electricity than 159 countries including Ireland & most countries in Africa

Bitcoin’s ongoing meteoric price rise has received the bulk of recent press attention with a lot of discussion around whether or not it’s a bubble waiting to burst. However, most the coverage has missed out one of the more interesting and unintended consequences of this price increase. That is the surge in global electricity consumption used to “mine” more Bitcoins.

Bitcoin Mining in comparison with global electrical energy consumption

According to Digiconomist’s Bitcoin Energy Consumption Index, as of Monday December 15th, 2017 Bitcoin’s current estimated annual electricity consumption stands at 33.73TWh (to learn even more interesting facts about Bitcoin, you can visit the UK power compare website with it's Bitcoin report). That’s the equivalent of 0.15% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries (as you can see from the map above). More than Ireland or Nigeria. If Bitcoin miners were a country they’d rank 61st in the world in terms of electricity consumption.

To put this into context, one can estimate that each Bitcoin transaction consumes about EUR 20,00 worth of electricity. How do we come to this conclusion? Currently there are 11.4 transactions per second (source: ), this sums up to 15.840 transactions per hour (ca 139 millions per year). 33,73 TWh divided by 139.000.000 gives 242 KWh per transaction, at an estimated cost of EUR 0,05 per KWh (in Vienna, Austria the cost is more like EUR 0,10 per KWh). One could argue that this estimate is wrong for various reasons, but whatever the real costs per transaction are, they are astronomical in comparison with just about any other payment system.

We cannot support this behaviour

As responsible and globally active enterprise, we decided to take a stand and do not support this waste of energy and threat to our global climate.

So we decided to neither accept this CryptoCurrency nor use it - as an enterprise or as individual human beings. As specialists in developing payment solutions for webshops, we also refuse to embed Bitcoin payment services into our solutions. We further actively advocate this decision to our customers and business partnerns and ask them to join us in working against global climate change.