Home
News
The energy consumption of the token has significantly dropped in the last three weeks. The usage of electricity has dropped by over a quarter less electricity than it did at the start of June, according to the Cambridge Bitcoin Electricity Consumption Index.
While the decline in electricity required for Ethereum was much more dramatic. It fell from 94TWh a year to 46TWh a year, the annual use of Qatar.
According to the Cambridge BEC Index, the current electricity consumption of Bitcoin current electricity is roughly 10.65 gigawatts. This estimation however is less than the 14.34 gigawatts recorded in the first week of June.
The primary source of crypto energy usage is the proof of work(PoW) consensus method. Bitcoin is powered by this mechanism. The crypto miners use electricity to complete for validate a transaction and for which they are incentivized with a certain amount of Bitcoin.
The crypto industry is one of the worst massacres in recent weeks, triggered by the Terra collapse and other events. Flagship currencies, Bitcoin and Ethereum, too suffered from its wrath, Bitcoin dropping more than 70% from its all-time high of $69,000 in November. At the time of writing, the top coin was trading at $21,433.06.
Meanwhile, Ethereum’s price at a point lost the support of $1000. However, at the time of writing, the top altcoin was trading at $1,218.88, up 2.10% in the last 24 hours. The token was among the worst hits.
The Bitcoin network is accountable for around 114 million tons of carbon dioxide per year, reveals Digiconomist. It came to this conclusion after analyzing the geographical distribution of the mining hash rate and using data through May 27, 2022.
The same statistics reveal that Ethereum mining generates 48.7 million tons of carbon dioxide emissions, which is equivalent to that of Bulgaria.
The predictions are that energy consumption is also going to be variable in the near future given the price fluctuation in Bitcoin’s value.
ALSO READ: Cardano Quite Primed For The Future As It Launches Node 1.35.0
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
