Bitcoin's total annual energy consumption surpassed that of the UAE just days after the cryptocurrency hit an all-time high of $64,869.
Researchers at Cambridge University estimate that the electricity consumption of the Bitcoin network is almost 120 Terawatt-hours per year, more than the energy consumption of the UAE at 119.45 Terrawatt-hours, and on course to overtake Pakistan.
Electricity is a primary input of Bitcoin and other cryptocurrencies. The coins are mined by computers that process complex algorithms in halls that span the area of several football pitches. As the market for cryptocurrency grows, so does Bitcoin's demand on energy grids.
Citigroup found that Bitcoin mining now uses 66 times more electricity than in 2015 and carbon emissions from the process may face increasing regulation, Bloomberg reported.
The enormous amounts of energy needed to mine Bitcoin have been blamed for causing power cuts in Tehran as recently as January, and led to increasing competition in so-called green mining, which uses renewable energy sources to mine cryptos.
The researchers at Cambridge, who have endeavoured to provide a real-time estimate of the total electricity load and consumption of the Bitcoin network, say the model is based on an estimate, given that the exact electricity consumption cannot be determined.
The Cambridge Bitcoin Energy Consumption Index provides a range of possibilities consisting of a lower bound and an upper bound estimate to get a "best-guess" estimate of Bitcoin’s real annual electricity consumption.
The lower bound is based on the "best case" assumption that all Bitcoin miners are always using the most energy-efficient equipment available on the market.
The upper bound estimate is based on the "worst case" that all miners always use the least energy-efficient hardware available on the market as long as running the equipment is still profitable in electricity terms. The "best-guess estimate" is based on the assumption "that miners use a basket of profitable hardware rather than a single model", according to the CBECI website.
Cryptocurrencies have emerged as an alternative investment for the past decade, but have been characterised by volatility. But in the last year Bitcoin's value has increased more than seven-fold on hype from the likes of Elon Musk and increasing support from large institutional investors.
Goldman Sachs Group and Morgan Stanley plan to offer their clients access to crypto investments. Tesla earlier this year disclosed a $1.5 billion investment in Bitcoin and now accepts it as payment for its electric cars.
On Tuesday, 3iQ Corporation, the world's first Bitcoin fund to trade on a major exchange, said it will list on Nasdaq Dubai this quarter.
Bitcoin's market cap surpassed $1 trillion last week, exceeding that of Facebook.
Honeymoonish
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
ELECTION%20RESULTS
%3Cp%3EMacron%E2%80%99s%20Ensemble%20group%20won%20245%20seats.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20second-largest%20group%20in%20parliament%20is%20Nupes%2C%20a%20leftist%20coalition%20led%20by%20Jean-Luc%20Melenchon%2C%20which%20gets%20131%20lawmakers.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20far-right%20National%20Rally%20fared%20much%20better%20than%20expected%20with%2089%20seats.%3C%2Fp%3E%0A%3Cp%3EThe%20centre-right%20Republicans%20and%20their%20allies%20took%2061.%3C%2Fp%3E%0A
more from Janine di Giovanni
KILLING OF QASSEM SULEIMANI
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
No.6 Collaborations Project
Ed Sheeran (Atlantic)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
UAE currency: the story behind the money in your pockets
In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.
There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.
More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.
The total figure for the entire world was 654,000 in 2018.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
All or Nothing
Amazon Prime
Four stars
Christopher Robin
Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars
Where%20the%20Crawdads%20Sing
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The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
More coverage from the Future Forum
Mohammed bin Zayed Majlis
More from Rashmee Roshan Lall
FROM%20THE%20ASHES
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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South Korea
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Saturday's schedule at the Abu Dhabi Grand Prix
GP3 race, 12:30pm
Formula 1 final practice, 2pm
Formula 1 qualifying, 5pm
Formula 2 race, 6:40pm
Performance: Sam Smith
WIDE%20VIEW
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UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
