Bitcoin is one of the most popular digital currencies and is used by many users worldwide. The significant benefit of Bitcoin is total transparency and less control over users’ transactions. However, creating 1 bitcoin takes almost 96 terawatt-hours annually, which is nearly half of the electricity consumed all over the world.
Furthermore, many users do not use Bitcoin, but surprisingly, a single Bitcoin now amounts to $45,000. As the user has more trust in it than in any other form of money. So, in this article, we will discuss creating Bitcoin using almost 96 terawatt hours of electricity—more than the whole nation of the Philippines.
How is it possible that Bitcoin uses more electricity than the whole nation of the Philippines?
As the use of bitcoin increases day by day, that indirectly increases the graph value of bitcoin globally, but, according to a trusted source, it is disclosed that the creation of bitcoin consumes almost 96 terawatts of electricity if we compare it with the nation of the Philippines, which has 110 million. In comparison, Bitcoin creation consumes more electricity.
Moreover, the use of Bitcoin has increased in the Philippines. Over the last five years, the creation of Bitcoin has consumed massive amounts of electricity. Interestingly, the Bitcoin network uses about the same electricity Washington State consumes annually.
Meanwhile, Nakamoto created trust in Bitcoin and influenced Philippine users to invest in it. Today, all this leads to vast amounts of electricity consumption—more than the entire nation of the Philippines.