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Canadians have used an unlimited quantity of electrical energy for Bitcoin mining this 12 months, putting extra pressure on the nation’s energy grid.
A latest examine on the cryptocurrency’s world vitality 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 because the begin of 2024 in keeping with a report by MarketsChain utilizing information from the Cambridge Bitcoin Electrical energy Consumption Index.
This quantities to an expenditure of $424.2 million, based mostly on the typical electrical energy fee of $0.10 per kilowatt-hour as of Could, the report stated.
“In line with our calculations, this quantity of vitality might 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 information 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 america, China and Kazakhstan.
The examine’s authors estimate that because the 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 associated fee rose from $42,656.06 to $89,095.14.
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