According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), the Bitcoin network’s energy consumption has dropped by 25% in just one month.
Energy consumption in terms of Bitcoin mining has decreased by 25% in just one month since early June. As far as can be understood, after the drop in cryptocurrency prices and the subsequent spike in energy prices, many companies and individuals who were engaged in the popular “sport” of mining started to turn off their antiquated equipment as it became unprofitable.
More specifically, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI), the Bitcoin network’s energy consumption has dropped by 25% in just one month.
On June 6, the miners of the first cryptocurrency consumed 14.34 GW. Now the figure is 10.65 GW.
On a yearly basis, energy consumption decreased to 93.33 TWh. This is already lower than the consumption of countries such as Argentina (125 TWh) and Norway, but higher than the consumption of Finland (82 TWh).
In May, the annual electricity consumption of the first cryptocurrency network was estimated at 150 TWh.
In case of a drop in the price of bitcoin, mining on old and inefficient devices becomes unprofitable. Now bitcoin miners have significantly increased coin sales to support their operations.
If earlier most of the mined BTC remained in their wallets in the hope of a continued price increase, now the inflow of coins from miners’ wallets has reached a maximum in the last 7 months.