‘Mining’ for BitCoin uses significant amounts of power involving heavy computer calculations to verify transactions.

Researchers at the University of Cambridge have said it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps, BBC News reports.

An online tool used by the university has ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) - and it is gradually creeping up on Norway (122.20 TWh).

The tool created by Michel Rauchs, researcher at The Cambridge Centre for Alternative Finance, has said the energy it uses could power all kettles used in the UK for 27 years.