{"id":388849,"date":"2019-07-06T01:01:34","date_gmt":"2019-07-06T01:01:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=388849"},"modified":"2024-06-11T13:45:05","modified_gmt":"2024-06-11T13:45:05","slug":"bitcoin-switzerland-energy-consumption","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-switzerland-energy-consumption\/","title":{"rendered":"Bitcoin Consumes As Much Power As Switzerland, But Impact Remains Negligible"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Much of the conversation surrounding <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and <a href=\"\/tag\/switzerland\" rel=\"nofollow\">Switzerland<\/a> in recent days is focused on the cryptocurrency showing price correlation between it and the country\u2019s native fiat currency, the Swiss franc, which is often viewed as a \u201csafe haven\u201d asset for investors alongside gold and the Japanese yen.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, a new study conducted by researchers at the\u00a0University of Cambridge, has revealed that each year Bitcoin could consume as much electricity as the entire European country. The same study also revealed that despite powering the cryptocurrency\u2019s network requiring such a massive amount of power by comparison, evidence shows that the impact it has on global climate change is \u201cnegligible.\u201d <\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bitcoin Uses as Much Energy as Powerful Nations Like Switzerland<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">The Cambridge Centre for Alternative Finance, an academic research centre at the <a href=\"https:\/\/insight.jbs.cam.ac.uk\/2019\/cambridge-bitcoin-electricity-consumption-index-cbeci\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">University of Cambridge<\/a>, launched a new index called the Cambridge Bitcoin Electricity Consumption Index, that measures variables and metrics related to Bitcoin\u2019s energy consumption.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The index website features a variety of interesting factoids and comparisons on Bitcoin consumption, ranging from how many years worth of all the tea kettles in the United Kingdom running would it take to power Bitcoin for one year, to the fact it would take the University itself would nee 365 years of operation just to use as much energy as just one year of the Bitcoin network.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The comparative study also claims that the Bitcoin network now consumes more energy in one year than the entire country of Switzerland.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/06\/11\/bitcoin-becomes-money-one-satoshi-now-more-valuable-than-some-national-currencies\/\">Bitcoin Becomes \u201cMoney,\u201d One Satoshi Now More Valuable Than Some National Currencies<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Switzerland is known for being a hub for business and finance, with large data centers \u2013 yet doesn\u2019t burn through as much energy as the first ever cryptocurrency. While powering a country may seem like a lot, the researchers behind the study claim that the impact of Bitcoin is &#8220;negligible&#8221; in terms of its contributions to climate change.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-388855\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-switzerland-comparison.png?resize=860%2C473\" alt=\"\" width=\"860\" height=\"473\"><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Franc Discussion: BTC Joins Switzerland\u2019s Fiat Currency as Safe Haven Asset<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">They say lightning never strikes twice, but Bitcoin drawing comparisons to Switzerland has now happened twice in as many days. <\/span><span class=\"s1\">Not only is Bitcoin\u2019s energy consumption being compared to Bitcoin, it\u2019s also being compared to the nation\u2019s fiat currency \u2013 the Swiss franc \u2013 due to its potential as a safe haven asset.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/07\/04\/bitcoin-gold-safe-haven-asset\/\">Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">As concerns over a looming economic crash fueled by the Trump administration\u2019s trade war mount, safe haven assets have started to show signs that investors are once again preparing for the worst and hedging their capital against the perceived risk ahead.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But as investors sell of stocks and other higher risk assets into safe haven assets like gold, the Japanese yen, or the Swiss franc, they also <a href=\"https:\/\/uniquehot.com\/2019\/07\/03\/btc-gold-bitcoin-price-rise\/\">appear to be buying up Bitcoin, too<\/a>. <\/span><span class=\"s1\">The four assets have shown tightly correlated price charts that suggest <a href=\"https:\/\/uniquehot.com\/2019\/07\/04\/bitcoin-gold-safe-haven-asset\/\">all four of them are being considered as a flight to safety<\/a> amidst any economic downturn that we may face in the coming days, weeks, months, or years.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Much of the conversation surrounding Bitcoin and Switzerland in recent days is focused on the cryptocurrency showing price correlation between it and the country\u2019s native fiat currency, the Swiss franc, which is often viewed as a \u201csafe haven\u201d asset for investors alongside gold and the Japanese yen. However, a new study conducted by researchers at the\u00a0University of Cambridge, has revealed that each year Bitcoin could consume as much electricity as the entire European country. The same study also revealed that despite powering the cryptocurrency\u2019s network requiring such a massive amount of power by comparison, evidence shows that the impact it has on global climate change is \u201cnegligible.\u201d Bitcoin Uses as Much Energy as Powerful Nations Like Switzerland The Cambridge Centre for Alternative Finance, an academic research centre at the University of Cambridge, launched a new index called the Cambridge Bitcoin Electricity Consumption Index, that measures variables and metrics related to Bitcoin\u2019s energy consumption. The index website features a variety of interesting factoids and comparisons on Bitcoin consumption, ranging from how many years worth of all the tea kettles in the United Kingdom running would it take to power Bitcoin for one year, to the fact it would take the University itself would nee 365 years of operation just to use as much energy as just one year of the Bitcoin network. The comparative study also claims that the Bitcoin network now consumes more energy in one year than the entire country of Switzerland. Related Reading | Bitcoin Becomes \u201cMoney,\u201d One Satoshi Now More Valuable Than Some National Currencies Switzerland is known for being a hub for business and finance, with large data centers \u2013 yet doesn\u2019t burn through as much energy as the first ever cryptocurrency. While powering a country may seem like a lot, the researchers behind the study claim that the impact of Bitcoin is &#8220;negligible&#8221; in terms of its contributions to climate change. Franc Discussion: BTC Joins Switzerland\u2019s Fiat Currency as Safe Haven Asset They say lightning never strikes twice, but Bitcoin drawing comparisons to Switzerland has now happened twice in as many days. Not only is Bitcoin\u2019s energy consumption being compared to Bitcoin, it\u2019s also being compared to the nation\u2019s fiat currency \u2013 the Swiss franc \u2013 due to its potential as a safe haven asset. Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset As concerns over a looming economic crash fueled by the Trump administration\u2019s trade war mount, safe haven assets have started to show signs that investors are once again preparing for the worst and hedging their capital against the perceived risk ahead. But as investors sell of stocks and other higher risk assets into safe haven assets like gold, the Japanese yen, or the Swiss franc, they also appear to be buying up Bitcoin, too. The four assets have shown tightly correlated price charts that suggest all four of them are being considered as a flight to safety amidst any economic downturn that we may face in the coming days, weeks, months, or years.<\/p>\n","protected":false},"author":517,"featured_media":388854,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,14433,46558,4034,15124],"class_list":["post-388849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-energy-consumption","tag-swiss-franc","tag-switzerland","tag-university-of-cambridge"],"acf":[],"yoast_head":"\n<title>Bitcoin Consumes As Much Power As Switzerland, But Impact Remains Negligible<\/title>\n<meta name=\"description\" content=\"Much of the conversation surrounding Bitcoin and Switzerland in recent days is focused on the cryptocurrency showing price correlation between it and the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-switzerland-energy-consumption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Consumes As Much Power As Switzerland, But Impact Remains Negligible\" \/>\n<meta property=\"og:description\" content=\"Much of the conversation surrounding Bitcoin and Switzerland in recent days is focused on the cryptocurrency showing price correlation between it and the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-switzerland-energy-consumption\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-06T01:01:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:45:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-switzerland-shutterstock_1129122296.jpg?resize=860,573\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"573\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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\"El Toro\" Severino","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/129b75c18bdea8b048f1d7d526df61d7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/129b75c18bdea8b048f1d7d526df61d7?s=96&d=mm&r=g","caption":"Tony \"El Toro\" Severino"},"description":"Tony \"The Bull\" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Consumes As Much Power As Switzerland, But Impact Remains Negligible","url":"http:\/\/uniquehot.com\/news\/bitcoin-switzerland-energy-consumption\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-switzerland-energy-consumption\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-switzerland-shutterstock_1129122296.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-switzerland-shutterstock_1129122296.jpg?fit=6000%2C4000"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","energy consumption","swiss franc","switzerland","university of cambridge"],"dateCreated":"2019-07-06T01:01:34Z","datePublished":"2019-07-06T01:01:34Z","dateModified":"2024-06-11T13:45:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Consumes As Much Power As Switzerland, But Impact Remains Negligible\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-switzerland-energy-consumption\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-switzerland-energy-consumption\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/bitcoin-switzerland-shutterstock_1129122296.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/bitcoin-switzerland-shutterstock_1129122296.jpg?fit=6000%2C4000\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"energy consumption\",\"swiss franc\",\"switzerland\",\"university of cambridge\"],\"dateCreated\":\"2019-07-06T01:01:34Z\",\"datePublished\":\"2019-07-06T01:01:34Z\",\"dateModified\":\"2024-06-11T13:45:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-switzerland-shutterstock_1129122296.jpg?fit=6000%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/388849"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=388849"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/388849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/388854"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=388849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=388849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=388849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}