The electricity being devoured annually to mine Bitcoin is now eight times more than that being used by technology companies Google and Facebook combined, and even higher than Norway and Switzerland's usage, spurring concerns about the environmental impact of the digital currency.
The world's first and biggest cryptocurrency eats up 143 terawatt-hours of power annually, more than the usage of many medium-sized European nations, according to data provider TradingPlatforms. For perspective, global data centres consume 205TWh yearly; Bitcoin alone consumes 70 per cent of this figure.
Alphabet-owned Google, the world's biggest search engine, uses 12TWh, which is about a 12th of Bitcoin's energy use. Meta Plaftorms' Facebook, the world's largest social network, pales even further in comparison, requiring only 5TWh for its functions – 3.5 per cent of what the cryptocurrency needs.
Norway and Switzerland need only 124TWh and 56TWh, respectively.
The statistics “paint a grim picture for the Earth”, Edith Reads, an author at TradingPlatforms, said.
“The amount of energy that Bitcoin consumes is concerning. Its transactions use more than what some whole countries do at the moment. And this figure is bound to rise because of the asset’s growing mining difficulty that demands more power to execute,” she added.
The environmental impact of Bitcoin and the cryptocurrency market as a whole has attracted a lot of scrutiny.
Bitcoin is the most power-hungry cryptocurrency, with a single transaction requiring an average of 1,173 kilowatt-hours, according to a study by data provider Money Supermarket. Considering the average monthly electricity usage for a UK household is 350kWh, that is enough to power the typical UK home for more than three months, it said.
For comparison, that would equate to about six weeks of electricity based on average US household electricity usage of 877kWh per month.
Meanwhile, Ethereum, the world's second-largest cryptocurrency, needs only 87.29kWh per transaction – a mere 7.4 per cent of what Bitcoin requires. Bitcoin Cash and Litecoin are next on the list, needing only about 19kWh, while the rest of the field do not even reach 1kWh, Money Supermarket said.
In April, Cambridge University researchers reported that Bitcoin's total annual energy consumption surpassed that of the UAE, logging in 120TWh per year compared with the UAE's 119.45TWh.
In the same month, Bloomberg reported that the Nordic region is losing its edge in green Bitcoin mining at a time when the cryptocurrency industry faced growing scrutiny for its carbon emissions and as investors' appetite grew.
And when China, the world's largest power consumer, in June shut down Bitcoin mining operations in Sichuan to address environmental concerns, the cryptocurrency slid below $30,000 for the first time since January.
Ms Reads said Bitcoin's negative reputation stems mainly from its technology, which uses a proof of work consensus mechanism for validating transactions, an energy and hardware-intensive process, releasing a lot of waste into the environment.
“Additionally, a significant proportion of its mining activity uses non-renewable energy resources. These resources are affordable and therefore attractive to many miners. They, including coal, leave a huge carbon footprint on the environment,” she said.
The power consumption of a computer varies depending on the type being used, according to Brussels-based EnerGuide. A desktop uses an average of 200 watt-hours when it is being used, including speakers and a printer. If it is on for eight hours a day, it uses almost 600KWh and emits 175 kilograms of carbon dioxide per year.
A laptop, on the other hand, uses between 50 watt-hours and 100 watt-hours when on. If it is on for eight hours a day, it uses between 150kWh and 300kWh and emits between 44kg and 88kg of carbon dioxide per year. The power consumption of both a desktop and a laptop falls by about a third when they are on standby mode.
Meanwhile, non-fungible tokens – cryptocurrency assets that use blockchain to record the ownership status of digital objects, with each only having one certified owner – is also adding to cryptocurrencies' carbon footprint, as every step of the NFT cycle requires energy. Money Supermarket estimates that the average NFT uses 340kWh and has a carbon footprint of 241kg.
Still, the cryptocurrency market's latest craze uses significantly less energy than some of its cryptocurrency counterparts – but at 0.3 TWh it still uses more electricity than 28 countries, sitting just behind Antigua and Barbuda, it said.
The Bitcoin community has not taken the criticism lying down, with its proponents pointing out that other mundane activities such as the traditional financial system leave a bigger footprint than digital assets, Ms Reads said.
The amount of energy that Bitcoin consumes is concerning. Its transactions use more than what some whole countries do at the moment
Edith Reads,
author at Trading Platforms
Some of the world's biggest banks – including Morgan Stanley, JPMorgan Chase, Bank of America, Morgan Stanley, Citigroup, Goldman Sachs and Wells Fargo – have made commitments towards slashing their carbon footprint amid pressure from environmentalists and regulators.
The cryptocurrency sector is also pursuing cleaner and greener mining, with part of this shift involving the adoption of renewable energy in validating transactions. These include solar, wind and geothermal power.
The world is projected to emit 36.4 gigatonnes of carbon dioxide in 2021, close to the levels seen in 2019, according to a recent report from the Global Carbon Project research group. Carbon emissions were one of the main sticking points at the recent Cop26 summit in Glasgow, where world leaders wrangled to address the challenge.
As of Thursday morning, the price of Bitcoin was $46,412.75, down almost 3 per cent in the past 24 hours, according to CoinMarketCap data. The overall cryptocurrency sector's market capitalisation stood at more than $2.17 trillion.
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
THE DETAILS
Director: Milan Jhaveri
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More from Neighbourhood Watch:
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Zayed Sustainability Prize
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Engine: 2.0-litre 4cyl turbo
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Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
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Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
