<P> Bitcoin has been criticized for the amounts of electricity consumed by mining . As of 2015, The Economist estimated that even if all miners used modern facilities, the combined electricity consumption would be 166.7 megawatts (1.46 terawatt - hours per year). At the end of 2017, the global bitcoin mining activity was estimated to consume between 1 and 4 gigawatts of electricity . Politico noted that the banking sector today consumes about 6% of total global power, and even if bitcoin's consumption levels increased 100 fold from today's levels, bitcoin's consumption would still only amount to about 2% of global power consumption . </P> <P> To lower the costs, bitcoin miners have set up in places like Iceland where geothermal energy is cheap and cooling Arctic air is free . Bitcoin miners are known to use hydroelectric power in Tibet, Quebec, Washington (state), and Austria to reduce electricity costs . Miners are attracted to suppliers such as Hydro Quebec that have energy surpluses . According to a University of Cambridge study, much of bitcoin mining is done in China, where electricity is subsidized by the government . </P> <P> The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media . In the United States, the FBI prepared an intelligence assessment, the SEC issued a pointed warning about investment schemes using virtual currencies, and the U.S. Senate held a hearing on virtual currencies in November 2013 . </P> <P> Several news outlets have asserted that the popularity of bitcoins hinges on the ability to use them to purchase illegal goods . In 2014, researchers at the University of Kentucky found "robust evidence that computer programming enthusiasts and illegal activity drive interest in bitcoin, and find limited or no support for political and investment motives". </P>

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