Bitcoin Mining Electricity Consumption Drops 25% Since Beginning June 2022
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Answer Bitcoin Mining Electricity Consumption Drops 25% Since Beginning June 2022
Bitcoin’s energy consumption has dropped dramatically just three weeks ago.
Appear Estimates released by the Cambridge BTC Index on Friday estimate that the network is now consuming 25% less energy than it did at the start of the month.
According to the index, the current Bitcoin consumption of electricity is about 10.65 gigawatts.
That is, it is lower than the last number recorded on June 6, which was estimated at 14.34 gigawatts.
At these levels, Bitcoin’s annual energy consumption can be estimated at 93.33 TWh, significantly down from its May high of 150 TWh.
The current consumption of Bitcoin is lower than that of Argentina (125 TWh) and Norway, but it is still greater than that of Finland (82 TWh).
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Bitcoin’s energy consumption stems mainly from the Proof of Work (mining) mechanism.
This mechanism incentivizes bitcoin miners to consume electricity in an accelerating race to build and discover the next block of bitcoin.
The winner wins a fixed number of bitcoins as a reward.
When the price of bitcoin falls, the mining activity becomes less profitable.
This discourages less efficient miners from staying online, which can lead to lower power consumption and hash rate.
This month, the price of Bitcoin dropped below its previous all-time high in 2017.
The hash rate fell rapidly in no time, despite hitting an all-time high just two weeks ago.
A recent report by Arcane Research found that miners cumulatively sold more bitcoins than they produced in May 2022.
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Selling is expected to be higher in June due to persistent poor market conditions.
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