Yup. And then some. Citibank estimates that the bitcoin network will eventually consume roughly the same amount of electricity as Japan. The problem is that the mining process is incredibly wasteful – and deliberately so. Those miners are all competing to be the first to solve an arbitrarily difficult computing problem, one that takes enormous amounts of processor cycles to do and still comes down mostly to luck. The computer that does solve it first, every 10 minutes, gets a sizable reward – currently in the region of £65,000 in bitcoin – but every computer, not just the winner, has had to spend that processing time to do the maths. The reason for the mining requirement, which is essentially asking a computer to continue rolling a dice until it rolls a few thousand sixes in a row, is that it ensures that no single person can dictate what happens on the network. The proof that the miner has solved the problem is what it uses to claim its reward, but it also becomes the seal that it uses to verify the last 10 minutes of transactions. “I, miner number 2357398, have solved this problem, and the answer is [extremely long string of digits]. By the authority vested in me by the network, I declare that the following list of transactions to be confirmed:” and then they list every transaction that they have heard about in the last ten minutes. From that point on, every machine on the network begins solving a new problem, set by the last miner. But, crucially, they only do so if they agree with the miner’s list of transactions. That means that even if you do win the race, it’s not enough to simply insert your own lies in the block, and declare that everyone sent you all their money, because everyone else will simply ignore you and listen to the next miner in the chain. (The reward itself isn’t really necessary to Bitcoin, but it’s there to ensure that miners have some reason to throw their electricity at the network. In the long-run, the hope is that voluntary transaction fees for quicker confirmations will take over that role.)Because the problem is so processor-intensive and so randomly rewarded, it’s prohibitively expensive – in electricity and computing power – to attempt to fake it. But it’s also a vast use of electricity, worldwide, used to do little other than satisfy an arbitrary requirement for spending money.
It is becoming a concern about how much electricity is used. That's why some companies and miners use solar power, hydroelectric generation and wind power.
One of the companies is MGT that uses hydro power: https://www.cryptocoinsnews.com/john-mcafee-mgt-bitcoin-mining/
I have checked it, You are right. Thanks