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

 

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Abuzer Van Leeuwen
Abuzer Van Leeuwenhttp://www.abuzervanleeuwen.nl
Founded DutchReview. Rotterdammer living in Leiden. Politics, innovation and epic food-reviews are his thing. Interested in doing anything with DutchReview? Contact him at abuzer[at]dutchreview.com

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