One major argument against Bitcoin is the amount of energy used in mining new blocks. Regulators have gone all out to curb the proof-of-work blockchain’s energy consumption and reduce its environmental impact. However, the latest findings show that Bitcoin mining energy usage only accounts for a small portion of the world’s energy production.
The Bitcoin Mining Council (BMC) estimates the cryptocurrency’s energy consumption to be just 0.16% of the world’s total output. The organization, which accounts for 51 of the world’s largest mining companies, released this figure in its Q3 report.
However, the report also states an increase in the cryptocurrency’s energy consumption year-on-year.