How Many Barrels Of Oil Are Needed To Mine One Bitcoin?

The Bitcoin boom is well and truly underway, and investors are constantly looking for new ways to gain an advantage in this space. The best way to do this, it seems, is by cutting the energy costs of mining this precious commodity. The Bitcoin mining industry consumes 22.5 TWh of energy annually, which amounts to 13,239,916 barrels of oil equivalent. With 12.5 bitcoins being mined every 10 minutes, that means the average energy cost of one bitcoin would equate to 20 barrels of oil equivalent. Mining Bitcoin has the potential to be a wildly lucrative…

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