The Business Research Company’s Electric Power Generation, Transmission, And Distribution Global Market Report 2021

Bitcoin has emerged as the leader in cryptocurrency however, the amount of the electricity consumed in the mining process has raised concerned among environmentalists and celebrities world-wide. According to researchers from Cambridge, Bitcoin mining (133.7 TWh) uses approximately half of UK’s electricity (288.4 TWh) and 100.0 TWh less than Australia (233.0 TWh), which is one of the world’s top coal and iron ore producers. The huge amount of electricity used by bitcoin can be seen from the fact that it uses more electricity than countries including Argentina (121.0 TWh), Sweden (123.5 TWh), The Netherlands (112.2 TWh) and Norway (123.2 TWh).

The mining process involves solving complex mathematical problems known as POW (Proof Of Work) in 10 minutes; the winner is awarded with some digital bitcoins. In order to mine bitcoin, the electricity consumption is based on a number of heavy computers joining the bitcoin network. On an average, bitcoin miners use 11.14 TWh of energy in a month, which is believed to increase as the mining of bitcoin becomes more popular and more people join the network.

Researchers in the power generation market industry believe that 65% of the miners are from China where 60% of the electricity is produced using coal. This leaves bitcoin having a larger carbon footprint than some of the countries in the world. However, there is no mechanism as of now to measure the exact total carbon footprint as the miners are spread across the world.

As per data on the Global Market Model, the global electric power generation, transmission and distribution market was valued at $3,262.3 billion and is expected to grow at a CAGR of 6.51% over the forecast period (2021-2025). Within the market, electric power transmission, control and distribution accounts for 65.55% and is valued at $2,138.4 billion and power generation accounts for the remaining 34.45% and is valued at $1,123.9 billion in 2020.

The regional energy market can be analyzed in the report published by The Business Research Company which states that Asia Pacific was the largest region in the electric power generation, transmission, and distribution market in 2020, accounting for $1,426.8 billion or 43.74% of the global electric power generation, transmission, and distribution market. Western Europe was the second-largest region in the electric power generation, transmission, and distribution market in 2020, accounting for $839.90 billion or 25.75% of the global electric power generation, transmission, and distribution market. Africa was the smallest region accounting for $88.18 billion.

The world’s most popular, volatile and talked about cryptocurrency, Bitcoin reported a high of $64,800 in April 2021, dived 50% to its low of $30,681 on May 19 before rebounding to $37,002 by the end of the day. The volatility can be attributed to the concerns raised by environmentalists, supported by a prominent celebrity Elon Musk who took a U-turn from his March tweet when he said anyone can buy Tesla cars by using Bitcoin. On May 13, Elon Musk reverted from his tweet saying he was concerned about the environmental impact Bitcoin has through mining and transactions. Other reasons for this instability include countries such as Saudi Arabia and China having banned their financial institutions like banks and online payment channels from providing cryptocurrency services such as trading, clearing, registration and settlement.

Author Name : Abhinay

About The Global Market Model

The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.

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