The digital currency Bitcoin consumes more electricity per year than New Zealand. Yes, the entire country. That’s the current estimate from the site Digiconomist, which puts the Bitcoin network’s annual power-guzzling at a staggering 42 terrawatt hours (TWh).

Here’s another way of looking at it. Each Bitcoin transaction consumes 346 kilowatt hours of electricity, which, in my suburb of north-east Melbourne, is enough to power 25 typical four-person households for a whole day.