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…)
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.
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