Bitcoin to use electricity as much as entire Pakistan for crypto mining in 2021

The bitcoin network is burning more and more energy for mining bitcoins. The total power consumed by the bitcoin network has already crossed the 2020 consumption level. Last year, the electricity consumed by the network for mining bitcoins was estimated to be around 67 terawatt-hours (TWh). The consumption this year has already surpassed that mark and by the end of 2021, the mining looks set to have consumed 91TWh of energy — as much as Pakistan, according to a research report by Bloomberg. It noted that as the bitcoin price goes up, more bitcoin miners join the network with less energy-efficient machines to mine bitcoin that pushes the use of energy.