Crypto bear market has brought Bitcoin’s energy consumption to a one-year low
- The crypto market’s bearish run has reduced
Bitcoin’s energy consumption to 130.5TWh and lower.
- This is the least amount of energy the Bitcoin network has consumed over the past year.
- Ethereum’s energy consumption along with other cryptos have also dropped amid the market’s nosedive.
AdvertisementThe crypto market's recent nosedive is also wiping off Bitcoin’s energy footprint from the world. While the energy footprint is surely going to go back up once the market bounces back, for the time being, the total energy consumed by the Bitcoin blockchain network has declined to a one-year low, according to Digiconomist.
This collective computing power, though, consumes a large amount of energy, most of which is generated using fossil fuels. According to energy consumption trackers like Digiconomist, the total energy consumed by Bitcoin dropped from around 204.5 terrawatt-hour (TWh) per year earlier this month to 130.5 TWh on June 19, which is the lowest it has been in one year.
Digiconomist’s tracker isn’t the only one to see such signs either. The Cambridge
The Bitcoin network’s energy consumption has been one of the chief concerns for the community and experts alike. The blockchain network uses something called a proof-of-work (POW) consensus system, in which all miners are allowed to apply their computing power to validate a transaction.
In comparison, proof-of-stake (PoS) systems used by blockchain networks like Polygon, Cardano, and others consume less energy than Bitcoin.
In comparison to Bitcoin, Digiconomist’s tracker shows that Ethereum was consuming around 94 TWh on June 1, which dropped to nearly half by June 18.
While it is no surprise that the market’s bearish run is dropping the energy footprint, it could present a chance for the industry to move towards more energy-efficient networks, which use the PoS system over the PoW technology.
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