There are hundreds virtual currencies and an unknown number of large server rooms in the world where computers are running 24 hours a day and perform the complicated calculations needed to extract the cryptovalutes.
"We now have a whole new industry that attracts more energy per year than many countries," said researcher Max Krause, author of the study published in Nature Sustainability.
"2018, bitcoin can attract more power than Denmark."
The 100 Greatest Currently, cryptographic currencies have a market value of about SEK 1,812 billion. Bitcoin accounts for more than half of that value.
The purpose of the report is to show the potential effects that cryoproteins can have on the environment.
"Just because you create a digital product does not mean there is not much energy needed to manufacture it," says Max Krause.