Bitcoin transactions accounted for 0.54% of global electricity consumption

With the growing popularity and demand for cryptocurrencies such as Bitcoin in 2021 as a payment method on the Internet, and in countries such as El Salvador, it is still questioned whether it is a sustainable alternative in the long term due to its energy consumption. Cryptocurrencies are still something of a testimonial on a global level, but with more support from businesses, investors, enthusiasts and perhaps more countries, the electricity consumption of cryptocurrencies, their transactions and mining, could counteract all reduction efforts. of emissions that many countries are exerting.
According to the Digiconomist portal, specialized in tracking the secondary effects of digital trends, the electricity consumption per bitcoin almost doubled from last year. In general, Bitcoin mining and transactions have taken off compared to last year, which increases the energy problems caused by its widespread use.
Bitcoin is costing more and more electricity
In 2021, the Bitcoin network handled some 97 million transactions. This is equivalent to approximately 0,012% of the global volume of non-monetary transactions, which leaves it as a testimonial. But Bitcoin's electricity consumption was responsible for 0,54% of the world's electricity consumption. On average, that's 1,386 kWh per Bitcoin transaction. The Bitcoin network consumed 134 TWh in total, which is comparable to the electrical energy consumed by a country like Argentina. Related CO2 emissions were ~64 Mt; enough for nullify all global net saving of the implementation of electric vehicles replacing gasoline.
The energy consumed by each Bitcoin transaction on average could power an average American household for more than 1,5 months. Its carbon footprint amounts to 658 kg of CO2 per transaction, which is equivalent to the carbon footprint of almost 1,5 million transactions using a VISA card.
It is also a larger carbon footprint than the carbon footprint per passenger of a direct flight from Amsterdam to New York. In total, the Bitcoin network consumed ~89% more energy in 2021 than in 2020. And this is only counting Bitcoin, not counting Ethereum, Rapthoreum, Cardano and other altcoins and so-called shitcoins. Many of these cryptocurrencies could be moved to Proof of Stake instead of Proof of Work, as Ethereum wants to do with Merging, but apart from that, they would have to be used by the majority instead of keeping those who plan to keep the proof out of habit. of work.
Source: Digiconomist