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Bitcoin, mining consumption remains very high

Iran - Bitcoin mining farm, mining consumption remains very high

As it has been known for some time, the mining di Bitcoin involves a significant waste of energy. If the discussion in this regard sees very diverse opinions, there is a fact on which everyone seems to agree: we must try to make it more compatible with the environment.
If you thought that with the halving of the rewards resulting from thehalving a trend of this kind could in fact have occurred in May, the latest data seem to deny the assumption.

Consumption is rising again

According to the data of Digiconomist, Bitcoin's energy consumption declined by 24% in the two weeks following halving of 11 May. In that period, in fact, 38% of the hash power of the network disappeared, following the significant shuffling of cards within the miners. Among those who had abandoned and others who had taken a pause for reflection, the reduction of the data had actually been very strong.
However, it was one simple transitional phase, as he took charge of demonstrating the evolution of the following weeks. This is demonstrated by the data of Digiconomist and of Cambridge Bitcoin Electricity Consumption Index.

Digiconomist data

The data disclosed by Digiconomist show that the mining of Bitcoin has reached the level of 61.256 terawatt hour (TWh) per year. It is the highest figure reported since 11 May. If already in June the daily consumption figure had briefly hit 60 TWh, now in the current month this figure has been exceeded for over a week. However, even the minimum has risen, if you think that that of the Bitcoin network stood at around 51.214 TWh, which is the highest minimum reported since March 14.
Wanting to make a comparison that better clarifies the picture, it should be stressed how the total estimated energy consumption for Bitcoin at the moment is higher than that of a country like Algeria. Always according to the Digiconomist report, the data is also preparing to overtake the Kuwait. And, again, it can be seen that BTC is characterized by acarbon footprint comparable to that of Myanmar, accumulating a generation of electronic waste on the level of that of Luxembourg. While a single Bitcoin transaction has a carbon footprint equivalent to 626.300 Visa transactions or one that can be obtained by watching 41.757 hours of streaming video on YouTube.

Cambridge Bitcoin Electricity Consumption Index estimates

The Cambridge Bitcoin Electricity Consumption Index estimates vary slightly, while essentially affirming an upward trend in the amount of energy that is used globally in order to extract tokens.
In this case, in fact, the average peak was 59,19 TWh, which dropped slightly in the days following July 6, when it was registered. However, the peak in question is the highest recorded since May 21st.
Bitcoin hashrate is also growing as evidenced by data from BitInfoCharts, which show a recent peak of 131.5115 E hit Wednesday 7 July. This is the highest figure recorded since 11 May.
It should be remembered at this point that we are talking about numbers still far from the 77.782 TWh per year that had been recorded by Digiconomist at the beginning of May. At the same time precisely the current trend suggests that the energy consumption of Bitcoin mining is now steadily increasing, albeit gradually, after the post-halving drop. It remains only to understand what levels it will reach in the coming weeks.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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