The general energy consumption of the Bitcoin (BTC) community noticed a drastic drop after mimicking the two-week drop in mining hash fee that diminished the commute for mining BTC blocks to 199.225 exahash per second (EH/s).
Based on knowledge shared by the Cambridge Heart for Different Finance, the Bitcoin community noticed its lowest energy demand of 10.65 gigawatts (GW) in 2022. At peak instances, the BTC community required 16.09 GW of capability.
Electrical energy demand of the Bitcoin community from 2018-2022. Supply: ccaf.io
On June 16, a Cointelegraph report highlighted how the banking sector makes use of 56 instances extra power than the Bitcoin ecosystem. Writer Michel Khazzaka, an IT engineer, cryptographer and guide, mentioned in an unique interview:
“Bitcoin Lightning and Bitcoin generally are actually nice and really environment friendly technological options that should be adopted on a big scale. This invention is good sufficient, environment friendly sufficient, and highly effective sufficient to realize mass adoption.”
Bitcoin’s sudden drop in energy demand is as a result of declining hash fee. The mining hash fee serves as an essential safety metric, the processing energy required by BTC miners to efficiently mine a block.
Bitcoin hash fee chart for 2022. Supply: blockchain.com
Bitcoin’s mining problem hit an all-time high of 231.428 EH/s on June 13, adopted by a decline of over -13.9% over two weeks. The most recent hash fee distribution breakdown exhibits F2Pool and AntPool as the biggest identified miners, mining 81 and 80 blocks respectively over the previous 4 days.
Associated: Scientists declare to have designed a totally decentralized stablecoin tied to electrical energy
A bunch of researchers, with federal funding, have developed a category of stablecoins, dubbed the Electrical energy stablecoin (e-stablecoin), that transmit power as a type of info.
As defined by Cointelegraph, the e-stablecoin can be minted by inputting one kilowatt-hour of electrical energy plus a charge, which may then be used for transactions like several stablecoin.