Bitcoin News Editor's Picks

Bitcoin hash is growing, but less energy is used for mining

According to the latest data, energy consumption by the Bitcoin network is reaching a more efficient level, although the hashrate continues to set new records.

Despite the constant growth of the computing power allocated for mining bitcoin, less energy is consumed for this.

As of July, energy consumption was 69.79 terawatt hours per year. In the same month last year, this indicator was 71.12 terawatts, and the hash rate was almost 60% lower than today.

As you know, the hashrate shows the total computing power used in processing bitcoin transactions. In August, the figure was 80 quintillion hashes per second, and today it is just under 90 quintillion. Last July, the figure was at the level of about 40 quintillion.

In fact, these data show the current trend of miners to become environmentally friendly. When recovering the price of bitcoin this year, some operators announced plans to improve work efficiency.

A study in June showed that 3/4 of the activity in the field of bitcoin mining is provided by renewable energy sources.

Equipment manufacturers also did not sit idly by and developed new, more powerful devices with low energy consumption, for example, Bitmain’s 7-nm Antminer, which debuted last November.


Related posts

Court Document Shows FTX Co-CEO is a Whistleblower

Jai Hamid

Bank, owned by Societe Generale, launches blockchain ETN


DefiLlama Apologizes for Miscommunication and Clarifies Zero Intention of New Tokens

Afroz Ahmad