Bitcoin mining is process of generating new units of bitcoin and it involves use of high amount of electricity. Mining uses computing power to solve mathematical problems. The more computers join the network, the more complicated the problems become. So more people mine the bitcoins, more energy is required to generate it.
According to Bitcoin Energy Consumption Index, Bitcoin already uses same amount of electricity as Denmark uses in one year! Its current annual electricity consumption estimation is 32.73 TWh. Currently one bitcoin transaction uses 235 KWh. It means about 8 US households can be powered for one day by this amount of electricity which single transaction consumes.
With this statistics, we can see how much world electricity is used by bitcoin and it is horrible. Its energy use is increasing at rate of 25% per month.
By 2019, at this rate Bitcoin will consume same amount of electricity, as US currently does.
But it has also bright side. The increasing bitocoin costs are deterrent to criminals using bitcoin for illegal purposes.
What do you think? Can the world afford to power up bitcoin?