Turns out that plugging a bunch of computers into our electrical grid that do nothing but draw current and hash through algorithms has had some negative environmental impacts. Recent studies suggest that Bitcoin-related power consumption has reached record highs this year — with more than seven gigawatts of power being pulled in the pursuit of the suspect digital currency. Today’s bitcoin mining operations can be as small as a single user running a dedicated desktop machine to 50,000 state-of-the-art rigs installed in a Kazakhstan warehouse with the goal of hashing through the Bitcoin consensus algorithm faster than your competition in order to maximize the number of block rewards you receive. //

A study from the Cambridge Center for Alternative Finance released on Monday estimates that the global bitcoin mining industry uses 7.46 GW, equivalent to around 63.32 terawatt-hours of energy consumption. The study also notes that miners are paying around $0.03 to $0.05 per kWh this year. Given that a March estimate put the cost to mine a full bitcoin is around $7,500, the average miner still stands to make over $4,000 in profit from the operation. //

The current total amount of processing power dedicated to mining, known as the hashrate, is currently hovering around 120 exahash per second (EH/s). However industry analysts argue that that figure is soon to increase.

“By our assessment, the Bitcoin network can exceed 260EH/s in Hashrate in the next 12–14 months,” according to a July study from Bitooda. “Led by a modest increase in available power capacity from 9.6 to 10.6GW and an upgrade cycle that will replace older generation S9 class rigs with newer S17 and next-generation S19 class rigs.”