Bitcoin network power usage decreases to 10.65GW as hash rate lowers by 14%

Bitcoin’s network had the lowest power consumption in 2022 at 10.65 gigawatts (GW). The BTC network required 16,09 GW of power at its peak.

In imitation of the two-week decline in the mining hash rate, which decreased the required power for Bitcoin (BTC) block mining to 199.225 exahash per second (EH/s), the Bitcoin (BTC) network’s overall power consumption dropped dramatically.

According to data published by the Cambridge Centre for Alternative Finance, the Bitcoin network had the lowest power use in 2022 at 10.65 gigawatts (GW). The BTC network required 16,09 GW of power at its peak.

“Bitcoin Lightning, and Bitcoin in general, are truly remarkable and very effective technological solutions that merit widespread use. This innovation is sufficiently smart, efficient, and potent to warrant widespread implementation.”

The precipitous decrease in Bitcoin’s energy consumption can be related to the dropping hash rate. The mining hash rate is a crucial security indicator, representing the required computational power for BTC miners to successfully mine a block.

On June 13, Bitcoin’s mining difficulty reached an all-time high of 231.428 EH/s, followed by a -13.9 percent decline over two weeks. The most recent breakdown of the hash rate distribution reveals that F2Pool and AntPool are the largest known miners, having mined 81 and 80 blocks respectively during the past four days.

Under federal sponsorship, a group of academics created the Electricity Stablecoin (E-Stablecoin), a stablecoin that would transport energy as a type of information.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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