Bitcoin uses more electricity than many countries. How is that possible?

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Cryptocurrencies have emerged as one of the most captivating, yet head-scratching, investments in the world. They soar in value. They crash. They’ll change the world, their fans claim, by displacing traditional currencies like the dollar, rupee or ruble. Some of them are named after dog memes.
And in the process of simply existing, cryptocurrencies like Bitcoin, one of the most popular, use astonishing amounts of electricity.
We’ll explain how that works in a minute. But first, consider this: The process of creating Bitcoin consumes around 96 terawatt-hours of electricity annually, more than is used by the Philippines, a nation of about 110 million.
That usage, which is close to half-a-percent of all the electricity consumed in the world, has increased about tenfold in just the past five years.
The Bitcoin network uses about the same amount of electricity as Washington state does…

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