According to TheNextWeb, data from the BBC Sounds podcast show that a bitcoin mine owned by Georgian miner BitFury is "swallowing up" 4% of the country's electricity. Environmental pressure organizations estimate that bitcoin mining is consuming more than 10% of the country's energy supply. However, BitFury said that if its energy consumption is compared to the energy required to mine traditional precious metals, its energy consumption is not much. Most of the country is actually powered by renewable energy. According to the International Energy Agency (IEA), more than 80% of the country's energy comes from hydropower. There is still excess energy in the country, so it doesn't matter how much energy is used for Bitcoin mining. It is reported that Georgia is currently the world's third largest bitcoin mining country, second only to China and Venezuela.