BitcoinMining

The energy consumption of Bitcoin miners is growing again

bitcoin-mining

Despite the decrease in energy consumption of BTC miners shortly after the halving, when inefficient AISC miners began to disconnect from the network, now this figure has started to grow again.

 

After bitcoin halving in May, when the reward for mining a block for miners fell from 12.5 BTC to 6.25 BTC, many unprofitable and inefficient ASIC miners left the network. Then it was reported that the energy consumption of bitcoin miners decreased by 24%, but still remains high.

Now, according to the Digiconomist and the Cambridge Electricity Consumption Index by Bitcoin miners, this indicator, although gradually, is starting to grow again. Digiconomist data show that mining BTC now on average requires about 61.2 TW / hr per year, and this is the highest figure since May 11.

In June, the energy consumption of the miners shortly reached 60 TW / h, fell for a short time, but then increased again. According to Digiconomist, the minimum energy consumption indicator is at 51.2 TW / h – it was so high for the last time on March 14, long before halving.

According to Digiconomist estimates, the total estimated energy consumption of bitcoin miners is now greater than the entire Algeria consumes, and is approaching Kuwait’s energy consumption figures. 

At the same time, bitcoin miners leave a carbon footprint, along with the same amount of electronic waste as in Luxembourg. One Bitcoin transaction leaves a carbon footprint equivalent to 626,300 Visa transactions or watching 41,757 hours of YouTube videos.

Cambridge estimates differ from the above, but still indicate a trend towards an increase in the amount of energy spent around the world on BTC mining. The site data show an average peak power consumption of 59.1 TW / h last Tuesday, and since then this figure has fluctuated around 58 TW / h. This is the highest figure registered on the site since May 21.

Despite the fact that the energy consumption of Bitcoin miners is still far from the peak at 77.7 TW / hr recorded by Digiconomist in early May before halving, this trend indicates that the energy consumption for BTC mining is gradually and steadily growing.

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Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
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