Enormous Water Consumption of Single Bitcoin Transaction
Bitcoin Mining Consumes 2,237 Gigalitres of Water Each Year
The environmental impact of bitcoin mining has come under scrutiny recently, with experts revealing just how much water and electricity is required for the process. Alex de Vries, an expert from the University of Amsterdam, calculated that the cost of mining bitcoin amounts to a staggering 2,237 gigalitres of water per year.
In the United States alone, the annual water consumption for bitcoin mining ranges from 39 to 120 gigalitres. To put this into perspective, this is equivalent to the water consumption of a city the size of Washington or 300 thousand households in the same period. The recent drop in the exchange rate of cryptocurrencies did lead to a decrease in water and energy consumption, but with the rise in bitcoin’s price, energy consumption from mining has reached a record high.
It is estimated that 141.9 TWh will be spent on bitcoin mining over the course of the year, which is approximately 30% more than in the previous record year of 2021. This translates to 1,600 gigalitres of water being used for bitcoin mining in 2021, averaging about 16 thousand liters per transaction. This is 6.2 times more than the cost of bank card transactions and significantly more energy-intensive than the training and operation of neural networks.
While there are suggestions to reduce energy consumption by transferring bitcoin to other mining mechanisms, similar to what happened with Ethereum, it is unlikely to occur. The conservative approach to bitcoin mining is seen as one of the factors contributing to its stability and the faith in it as a form of currency. However, it is important to note that not all individuals around the world have access to a sufficient supply of water.
The revelation of the substantial water and energy consumption of bitcoin mining emphasizes the need for sustainable and environmentally friendly ways to engage in cryptocurrency transactions. As the popularity of cryptocurrencies continues to rise, it is essential to address the environmental impact of their mining and transactions.
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