Categories: Market

Bitcoin power consumption drops to November 2020 level: data

According to a recent report, Bitcoin’s estimated total annual electricity consumption has fallen by nearly 60%, falling from an all-time high of over 143 terawatt hours (TWh) in May to a low of 62 TWh in early July Cambridge Bitcoin Power Consumption Index (CBECI). This is the lowest energy consumption since the beginning of November 2020.

At the time of writing, Bitcoin’s annual electricity consumption is estimated at 67 TWh, while the consumption cap, or absolute maximum total electricity consumption based on the worst-case assumption, is 162 TWh, up from 520 TWh in mid-May.

The lower limit, which corresponds to the absolute minimum total electricity consumption, which is based on the best-case assumption that all miners always use the most energy-efficient devices available on the market, has also fallen from 47 TWh to 24 TWh.

Although global regulators continue to blame Bitcoin (BTC) for its excessive energy consumption and associated environmental disasters, Bitcoin’s energy consumption has actually decreased recently, according to Cointelegraph.

Bitcoin electricity consumption in January 2017. Source: CBECI

Connected: Survey by the Bitcoin Mining Council estimates the sustainable energy mix at 56% in the second quarter

As previously reported, Bitcoin’s parabolic upward movement, which drove its price above $ 64,000 in April, fueled a massive growth in power consumption by Bitcoin miners, sparking a huge debate over the potential environmental impact of cryptocurrencies. Bitcoin subsequently saw a massive sell-off after Tesla CEO Elon Musk suspended Bitcoin payments for Tesla car purchases on May 12.

Coupled with Bitcoin’s price, Bitcoin’s estimated power consumption has plummeted since the announcement, further fueled by China’s crackdown on the crypto-mining industry. Following the closure of crypto mining facilities in Inner Mongolia in April this year, Chinese authorities enforced a number of crypto mining bans in key crypto mining hubs, including provinces, hydropower such as Sichuan and Yunnan, as well as Xinjiang and Qinghai .

.

.

CoinX

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

51 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

56 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

1 hour ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

3 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

4 hours ago

This website uses cookies.