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Bitcoin consumes 'more electricity than Argentina' Bitcoin uses more electricity annually than the whole of Argentina, analysis by Cambridge University suggests. "Mining" for the cryptocurrency is power-hungry, involving heavy computer calculations to verify transactions. Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps. Critics say electric-car firm Tesla's decision to invest heavily in Bitcoin undermines its environmental image. The currency's value hit a record $48,000 (£34,820) this week. following Tesla's announcement that it had bought about $1.5bn bitcoin and planned to accept it as payment in future. But the rising price offers even more incentive to Bitcoin miners to run more and more machines. And as the price increases, so does the energy consumption, according to Michel Rauchs, researcher at The Cambridge Centre for Alternative Finance, who co-creat...

Bitcoin surges past $47,000 for first time after Tesla purchase Bitcoin hit a fresh record above $47,000 on Tuesday after Tesla Inc.’s announcement of a $1.5 billion investment in the largest cryptocurrency.  The token rose as much as 6.3% to almost $47,493 in early Asian trading before paring some of the gains. Tesla’s disclosure Monday sent the price soaring. The company also said it would begin accepting the digital token as a form of payment for its electric cars. The developments amounted to the biggest endorsement of the controversial cryptocurrency by a mainstream firm. Elon Musk, Tesla’s founder and the world’s richest man, has for months been commenting about Bitcoin, buffeting its price. Tesla’s decision may be “a catalyst for other companies to go that route,” said Julius de Kempenaer, senior technical analyst at StockCharts.com, adding a new bull run is underway in the token. A rally was also evident in Bitcoin futures, suggesting shorts are throwing in the towel and si...