Bitcoin Consumes 60% Less Electricity

Bitcoin's total estimated annual electricity consumption fell by about 60% from a record high of 143 TWh in May to 62 TWh in early July. This is the lowest energy consumption since the beginning of November 2020. According to the survey, 56% of bitcoin miners use sustainable energy sources. The electricity consumed by the industry is now becoming more efficient, even as it continues to provide services and maintains a network that is free of interruptions.

One of the factors that may have contributed to the decline in bitcoin electricity consumption is the recent measures taken by the Chinese authorities against Chinese miners. Chinese authorities have forced the stop of bitcoin mining operations in five provinces: Sichuan, Inner Mongolia, Xinjiang, Qinghai, and Yunnan. As a result, the computing power of the bitcoin network has decreased. The hash rate in May was 189 EH/s. According to Bitinfocharts, it is now 91EH/s.

As a reminder, Iran has also taken measures against bitcoin mining. Due to the alleged impact of mining on electricity consumption in the country, the government has asked all legal crypto-miners to stop mining. The industry will be responsible for major power outages across the country, authorities said.

Image: BBC