Tesla and Elon Musk announced today that the Bitcoin company will stop purchasing its products.
Musk took to Twitter to refer to energy usage as “insane” despite being a firm supporter of cryptocurrency and others around him.
He said he and the company would hold the coin and find alternative cryptocurrencies that would use less energy than Bitcoin.
All the news about Bitcoin’s energy consumption has shocked investors and those who mine the coin, with prices falling more than 13 percent in 24 hours.
How much energy does Bitcoin use and how does it compare to its rivals Ethereum, Litecoin and others who like it?
Here’s what we know about Bitcoin and its carbon footprint compared to others:
How much energy does Bitcoin actually use?
It seems pretty much. Cambridge researchers say it uses around 121.36 terawatt hours (TWh) per year – and it’s unlikely to go down unless the currency’s value goes down.
One of the reasons Tesla reversed its decision to accept Bitcoin is because of the environmental image it portrays.
But there are other coins that use much less energy than Bitcoin.
Dogecoin, one of the newest cryptocurrencies that Elon Musk has also praised, was rated at 0.12 kilowatt hours per transaction. (KWh)
Litecoin, which has been described as silver to Bitcoin’s gold, has a rating of 18.522 kWh while Ethereum uses 62.56 kWh.
Ethereum has pledged to cut its consumption by 90 percent.
Vitalik Buterin, the 24-year-old Russian-Canadian computer scientist who invented Ethereum when he was 18, said mining Ethereum “is a tremendous waste of resources, even if you don’t believe pollution and carbon dioxide are an issue.” real consumers – real people – whose electricity needs are being displaced by this stuff. “
Bitcoin, the most successful of all cryptocurrencies, is at the bottom of the list with 707 kWh.