There's no denying that the process of mining Bitcoin (CRYPTO: BTC) consumes a significant amount of energy. If the cryptocurrency were a country, it would consume the 32nd most electricity in the world -- ahead of large countries like Argentina, The Netherlands, and other highly developed nations with populations in the tens of millions.

Environmentalists often use statistics like these to portray Bitcoin as a gluttonous and unnecessary nuisance that generates huge amounts of carbon emissions and exacerbates global climate change. Yet these comparisons fail to paint the complete picture of Bitcoin's energy consumption.

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Source Fool.com