Bitcoin electricity consumption falls to November 2020 levels: Data

Bitcoin is still doing well, and the number of coins in circulation has hit a new all-time high. That means more demand for electricity to run the bitcoin network, and the price of electricity is up. The price of electricity has gone up, because the price of bitcoin has gone up (and up, and up…)

Register now on Binance, add 50$ and get 100$ bonus voucher!

The Bitcoin network is approaching a new block limit after consuming less electricity than it did throughout the entire month of November 2017. This is a good sign that the network is performing better than ever before, and further growth in the network. The Bitcoin network consumes an estimated 1.7GW of electricity, and it has been well over the past few years, so it is important to keep the network growing. However, this doesn’t mean Bitcoin will run out of electricity soon. It is expected that the Bitcoin network will consume 3.5GW of electricity by the year 2020.

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), bitcoin’s estimated total annual electricity consumption has fallen by nearly 60%, from a record 143 terawatt-hours (TWh) in May to 62 TWh in early July. This is the lowest energy consumption since early November 2020.

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

The lower bound estimate of absolute total energy costs, based on the best-case assumption that all miners always use the most energy-efficient equipment available on the market, also fell from 47 TWh to 24 TWh.

While global regulators continue to accuse bitcoin (BTC) of excessive energy consumption and the resulting environmental disaster, some reports indicate that bitcoin’s energy consumption has dropped significantly recently.

Energy consumption of bitcoin since January 2017. Source: CBECI

Related: Bitcoin Mining Council research estimates renewable energy use at 56% in Q2

As previously reported, bitcoin’s parabolic movement, which caused the price to surpass $64,000 in April, has led to a significant increase in electricity consumption by bitcoin miners and sparked a serious debate about the potential impact of crypto-currencies on the environment. Bitcoin then suffered a sharp decline after Tesla CEO Elon Musk said on the 12th. May suspended bitcoin payments for Tesla car purchases.

In line with bitcoin prices, bitcoin’s estimated power consumption has skyrocketed since the announcement, driven by China’s continued crackdown on the cryptocurrency mining industry. Following the closure of crypto mining operations in Inner Mongolia in April this year, Chinese authorities have imposed a series of bans on crypto mining in key crypto mining hubs, including hydroelectric provinces such as Sichuan and Yunnan, as well as Xinjiang and Qinghai.

Related Tags:

bitcoin climate changewhat is mining bitcoin meanwho runs bitcoinwhen will bitcoin run out,People also search for,Privacy settings,How Search works,bitcoin climate change,what is mining bitcoin mean,who runs bitcoin,when will bitcoin run out

Register now on Binance, add 50$ and get 100$ bonus voucher!

Register now on Binance, add 50$ and get 100$ bonus voucher!

Recent Articles

Tonga accepts Bitcoin donations amid tsunami onslaught

A small island of Tonga has been hit by a tsunami, and the country is calling for donations in Bitcoin. The nation’s Prime Minister...

How to Buy Solana (SOL) in India

It is important to know how you can buy SOL in India. It’s no secret that the Indian market has only recently begun to...

How to Buy Flow (FLOW) in India

Flow is a cryptocurrency that was introduced in June 2018. It uses the Ethereum blockchain platform, but has its own built-in digital currency called...

Moonbeam Goes Live on Polkadot, Becomes its First Fully Operational Parachain

Moonbeam, the world’s first fully operational on chain scaling solution was released into the wild this week. The Polkadot-powered platform aims to provide scalability...

Stacks ecosystem becomes #1 Web3 project on Bitcoin

The Ethereum blockchain, which powers the Stacks ecosystem’s token STX, has become the most important web3 project on Bitcoin. The announcement is a sign...

Related Stories