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According to a recent study, mining the leading cryptocurrency in the world — bitcoin (BTC), consumes more electricity than Denmark.

A researcher at the Oak Ridge Institute for Science and Education, Max Krause, said that “we now have an entirely new industry that is consuming more energy per year than many countries.”

In 2015, Denmark consumed approximately 31.4 billion kilowatts, while bitcoin mining took nearly 30.1 billion kilowatts by July 1, 2018.

However, despite the fact that bitcoin mining consumes more energy than a whole country, mining it has become unprofitable.

An ever-growing competition and an increased computational complexity make bitcoin mining less profitable for smaller players, according to a study by an analytics company Diar.

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