Just when it looked like Bitcoin would make a full recovery from the crypto crash of 2022, things got much more complicated. The crash happened in early 2022, followed by war in Ukraine, supply chain issues and the biggest energy crisis in modern history.

Most people think of digital currencies and blockchain networks as virtual assets used for trading. However, most people are unaware that blockchain networks like Bitcoin and Ethereum use huge amounts of energy to stay operational. Given the rise in energy prices around the world, investors are flocking to more efficient altcoins such as Tamadoge.

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Bitcoin – The Biggest Energy Consumer in the Blockchain Ecosystem

Bitcoin is the world’s leading cryptocurrency, widely considered the gold standard among digital currencies. There are 21 million tokens, most of which had to be mined before reaching the markets. As a result, millions of mining rigs have sprung up in countries all over the world resulting in massive energy consumption over the years.

However, Bitcoin still consumes around 127 terawatt hours (TWh) of electricity every year. That’s more energy than Norway’s annual energy consumption. On average, Bitcoin uses 707 kWh of electricity per transaction, which is 11 times more than Ethereum. Additionally, ETH is set to upgrade its blockchain to a Layer 2 platform, reducing existing power consumption by 99.95%. Once the platform transitions from proof-of-work to proof-of-stake approach, it will reduce power consumption to an absolute minimum.