The International Monetary Fund (IMF) has ignited global debate by revealing Bitcoin’s staggering energy footprint equivalent to Argentina’s entire annual electricity consumption while simultaneously acknowledging its exclusion from traditional economic metrics. In a July 2025 report, the IMF disclosed Bitcoin’s network consumes approximately 140 terawatt-hours (TWh) of electricity yearly, mirroring the energy demands of Argentina, a nation of 46 million people. Yet, until now, this colossal resource drain remained absent from GDP calculations because Bitcoin mining generates no conventional goods or services.
This paradox prompted the United Nations to overhaul its economic measurement framework. The newly approved System of National Accounts 2025 (SNA 2025) reclassifies Bitcoin and similar crypto assets as "non-produced nonfinancial assets," formally including them in national wealth accounts rather than GDP. The shift, ratified by the UN Statistical Commission, marks crypto’s first recognition in official economic ledgers. Governments worldwide face a 2029–2030 deadline to implement these standards, which also encompass AI, cloud computing, and digital commerce.
Argentina perfectly illustrates why the IMF's criticism hits a nerve. The government keeps electricity prices artificially low for citizens. Power bills eat up just 2-3% of an average paycheck, compared to 4-6% in neighboring countries. This cheap power has sparked a Bitcoin mining frenzy. Companies like Bitfarms are setting up shop, paying industrial rates as low as 2.2 cents per kilowatt-hour way below Argentina's typical 6-cent average. Essentially, miners are grabbing this cheap power that wasn't being fully used, but they aren't creating many local jobs or significant economic benefits for Argentinians.
Critics accuse the IMF of selective framing. Bitcoin sustainability analyst Daniel Batten contends the fund’s energy comparison ignores peer-reviewed data showing 52.4% of Bitcoin’s power derives from renewable sources.
The SNA 2025 reforms reflect a broader realignment of economic measurement in the digital age. By categorizing Bitcoin as national wealth, statisticians acknowledge its $2.3 trillion market value and energy inputs, enabling more accurate fiscal planning. However, the move intensifies debates over resource allocation. Nations like Iran suffered blackouts from unregulated mining, while Canada and Norway use Bitcoin to bolster renewable energy profitability.
As countries race to adopt the new standards, the core conflict remains unresolved: Can Bitcoin’s energy use be justified by its role in financial sovereignty? For Argentinians trading crumbling pesos for satoshis. For the IMF, it’s a ledger entry.