According to the University of Cambridge, Bitcoin mining consumes more energy than all refrigerator consumption in the United States combined. Bitcoin mining would rank 27th in terms of energy use if it were its own nation.
Bitcoin mining necessitates a large amount of computational power. To unlock Bitcoin transactions, it is needed the deployment of specialized, high-powered computers whose primary purpose is to solve complicated problems. When a transaction is successfully unlocked, a block is generated, extra Bitcoins are minted, and the machine who broke the code receives them. It’s winner take all, thus the more powerful your computer system, the better your chances of winning. And there are a lot of individuals vying for victory.
“Millions of computers all across the world are competing to estimate that number.” “And that uses a lot of power,” Dr. James Angel from Georgetown University explains for  WUSA, virtual and VHF digital channel 9. “Right present, it consumes the equivalent of 15 Chernobyl power plants running nonstop.”
The University of Cambridge in the UK examines and estimates global energy use for Bitcoin mining and creates comparisons to help put it all into perspective. They believe that Bitcoin mining consumes more energy than all refrigerator usage in the United States, consumes nearly as much energy as all worldwide copper mining, and would rank 27th in energy consumption if it were its own country.
Because of Bitcoin’s built-in pseudo-anonymity, the Cambridge Bitcoin Electricity Consumption Index figures are expert estimates. Their approach may be seen here.
For similar concerns of anonymity, calculating the environmental impact of Bitcoin mining on climate change is difficult–some miners may be stationed in places that use renewable or nuclear energy to supply power. But we do know that coal and fossil fuels are used to generate the vast bulk of global power, and their carbon emissions contribute significantly to climate change.
However, the environment is not the only expense. Angel believes that bitcoin mining is also affecting your wallet. He argues that it increases demand for power to the point that home energy bills may rise.
“According to my estimates, the amount of bitcoin mining going on right now, as we speak, is probably adding roughly 4% to your winter heating bill,” Angel added.