Dutch bank ING: one bitcoin operation consumes as much electricity as a house does in a month
The Dutch bank ING found out how much electricity one bitcoin transaction requires. The results were amazing even for the researchers themselves – only one transaction consumes 200 kWh – the same amount is enough to provide the whole house within a month.
ING senior economist, Teunis Brosens, explained that his own house consumes about 45 kWh per week, that is even less than 200 kWh per month. The same amount of electricity requires washing machine for 200 washing cycles.
In addition, the blockchain of bitcoin also requires support – it takes about 2200 kW/h. For comparison, Eemshavencentrale, the largest power plant in the Netherlands, requires less.
Brosens stressed that with the current bitcoin exchange rate, these are economically justifiable expenses, but public benefit is quite a different story.
Bitcoin is the most energy-consuming of all cryptocurrencies. Other popular cryptocurrency Ethereum requires only 37 kW/h, and Visa payment system consumes only 0.01 kW/h for one transaction.