Bitcoin uses more power this year than the whole of the Netherlands

Bitcoin is expected to use more power this year than the whole of the Netherlands. That’s what an analyst from the American bank Morgan Stanley says.

Behind the digital currency bitcoin is complex technology, which runs on heavy computers. A lot of power is needed for those computers.

Morgan Stanley estimates that power consumption in 2018 at 120 to 140 terawatt hours. The current consumption in the Netherlands in recent years according to the CBS just under 120 terawatt per hour.

The ‘making’ of an individual bitcoin costs 3,000 to 7,000 dollars of electricity according to the market expert. The so-called mines, the process by which computers make new bitcoins, is now happening mainly in countries where electricity costs are relatively low.

China wants to do something about this because of the high electricity consumption, but also because of the expected financial risks associated with bitcoin.

The virtual currency was worth about $ 700 at the end of 2016. The price peaked in mid-December, at just under $ 20,000.

Keep up with the rest of the news with some of our other posts:

It’s Lying Pete Hoekstra’s first day as the US Ambassador in the Netherlands

Suspected murderer of Anne Faber confesses

 

Hey there! Be sure to follow DutchReview on Facebook in order to not miss out on any other good stuff!

And we’re on Instagram too!

Abuzer van Leeuwen 🇳🇱
Abuzer van Leeuwen 🇳🇱http://www.abuzervanleeuwen.nl
Abuzer founded DutchReview a decade ago because he thought expats needed it and wanted to make amends for the Dutch cuisine. He has a Masters in Political Science and IT but somewhere always wanted to study history or good old football. He also a mortgage in the Netherlands and will happily tell you too how to get one. Born and raised in Rotterdam, Abuzer now lives in Leiden but is always longing back to his own international year in Italy.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related posts

Latest posts

7 important things to check on your Dutch employment contract in 2025

✍️ Written by Seliz Demirci, employment lawyer at GMW lawyers. Receiving a job offer in the Netherlands is exciting, and it can be tempting to...

BREAKING: The Netherlands is about to fully ban fireworks — for good

We may be well into 2025, but the New Year’s fireworks debate is still blazing hot, with yet another Dutch party backing a full...

9 common financial mistakes expats in the Netherlands make (and how to avoid them)

Living in a foreign country is exciting, but amidst this emotion, many internationals make financial mistakes that could easily be avoided.  From using the wrong...

It's happening