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Bitcoin miners will outperform Argentina in terms of energy consumption in 2018

Bitcoin miners will outperform Argentina in terms of energy consumption in 2018

This year Bitcoin mining will consume 0.6% of the electricity demanded globally. This is shown in Morgan Stanley’s research, according to Business Insider.

The report says that miners will exceed the volume of electric power consumed by Argentina this year and the electric cars’ demand for energy in 2025.

According to the evaluation of Power Compare, which relies on the energy consumption index of Digiconomist, 159 countries consumed less electricity than miners did last year, including Ireland, and the greater part of African countries.

Currently, miners use 0.2% of the global power consumption, but the figure can grow to 0.6% by December of 2018.


Bitcoin miners will outperform Argentina in terms of energy consumption in 2018

At the same time, an expert from Stanford University Jonathan Kumi is doubtful of figures provided by analysts from Morgan Stanley and Power Compare.

He explains that Digiconomist makes conclusions on the amount of consumed power based on data about incomes and expenditures of miners. Any power engineer will say that such a method is not credible. To calculate power consumption accurately, one needs data received from miners and stored in data centers. However, experts do not have such information.

Organizations factored in bitcoin miners only, which is why the energy consumption from mining of all digital coins is possibly much higher.

It was mentioned earlier that miners used more power than Tajikistan.

December 7, 2017

InterContinental Malta

St George`S Bay, St Julians

Malta will become the hub of the fintech industry in Europe!

Three intensive conference sections:

• Blockchain solutions in practice

• ICO trends

• Panel discussion: Legal and Regulatory Challenges in Blockchain

Our participants are entrepreneurs and experts in legislation, blockchain developers, investors, startup founders, bitcoin enthusiasts, financial specialists and bankers, lawyers, representatives of payment systems.


Why you should attend:


• 20 Top-notch Speakers and many industry experts;

• extensive business program of the Conference;

• 3 intensive conference sections;

• best well-known Sponsors;

• more than 16 outstanding Exhibitors​​​​​​



We will be glad to see everyone at Blockchain & Bitcoin Conference Malta 2017!