Energy utilisation for Bitcoin falls to a one-year low
A low of 130.5 TWh, the lowest level in the previous year, was reached on June 19, down from earlier this month’s high of roughly 204.5 TWh (terawatt-hour) per year. The energy used by the blockchain network decreased by almost 36% as a result.
According to trackers that aggregate data on how much energy Bitcoin transactions require, the energy consumption of the Bitcoin blockchain network, which has been a concern for many, has decreased by up to 35% during the current “crypto winter.”
The energy usage of Bitcoin decreased from roughly 204.5 TWh (terawatt-hour) per year earlier this month to a low of 130.5 TWh on June 19, the lowest level in the previous year, according to Dutch economist Alex de Vries, who wrote about the development on his blog Digiconomist. The energy used by the blockchain network decreased by almost 36% as a result.
The amount of energy used to mine Bitcoin is a crucial indicator of how many tokens are being produced globally.
The network is powered by sophisticated gear used by bitcoin miners, such as specialised graphics processing units (GPUs). Similar to what Visa and Mastercard do for card-based digital payments, these rigs run programmes that validate transactions on the blockchain.
Since the majority of the energy used in crypto mining, known as “proof of work,” is derived from fossil fuels, it has been identified as an energy-intensive process that may have long-term negative effects on the Earth’s climate.