The recent surge of interest in cryptocurrencies - particularly in Bitcoin - has triggered an enormous increase in electricity consumption all over the world.
Generating a single Bitcoin requires a truly staggering amount of energy and the digital asset’s current estimated annual electricity consumption is 29.05 billion kilowatt hours (kWh), according to Digiconomist’s Bitcoin Energy Consumption Index.
The figure represents 0.13 percent of the global electricity consumption. In addition, the index reveals that Bitcoin mining - the process of generating a Bitcoin - is currently using more electricity than 159 individual countries.
"If it keeps increasing at this rate, Bitcoin mining will consume the entire world’s electricity by February 2020," the report states.
As the map below shows, Bitcoin mining consumes more energy on an annual basis than all but three of the 54 countries in Africa. Only Algeria, Egypt, and South Africa out-consume the virtual currency.
Let's take a look at the Arab countries being out-consumed by Bitcoin:
10. Bahrain
Bitcoin mining consumption relative to country's use: 116.20%
Electricity consumption in kWh/year: 25,000,000,000.00
9. Oman
Bitcoin mining consumption relative to country's use: 116.20%
Electricity consumption in kWh/year: 25,000,000,000.00
8. Syria
Bitcoin mining consumption relative to country's use: 170.88%
Electricity consumption in kWh/year: 17,000,000,000.00
7. Jordan
Bitcoin mining consumption relative to country's use: 181.56%
Electricity consumption in kWh/year: 16,000,000,000.00
6. Lebanon
Bitcoin mining consumption relative to country's use: 181.56%
Electricity consumption in kWh/year: 16,000,000,000.00
5. Tunisia
Bitcoin mining consumption relative to country's use: 193.67%
Electricity consumption in kWh/year: 15,000,000,000.00
4. Libya
Bitcoin mining consumption relative to country's use: 312.37%
Electricity consumption in kWh/year: 9,300,000,000.00
3. Palestine (West Bank)
Bitcoin mining consumption relative to country's use: 558.65%
Electricity consumption in kWh/year: 5,200,000,000.00
2. Yemen
Bitcoin mining consumption relative to country's use: 558.65%
Electricity consumption in kWh/year: 5,200,000,000.00
1. Palestine (Gaza Strip)
Bitcoin mining consumption relative to country's use: 14381188.12%
Electricity consumption in kWh/year: 202,000.00
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