The overall power consumption of the Bitcoin (BTC) network recorded a sharp drop after mimicking the two-week drop in the mining hash rate, which reduced the shuttle power for mining BTC blocks to 199.225 exahash per second (EH / s) .
According to data shared by the Cambridge Center for Alternative Finance, the Bitcoin network recorded the lowest power demand of 2022 at 10.65 gigawatts (GW). At its peak, the Bitcoin network demanded 16.09 GW of energy.
On June 16, the Cointelegraph report showed how the banking sector uses 56 times more energy than the Bitcoin ecosystem. Publisher Michel Khazzaka, IT engineer, cryptographer and consultant, said in an exclusive interview:
On June 16, the Cointelegraph report showed how the banking sector uses 56 times more energy than the Bitcoin ecosystem. Publisher Michel Khazzaka, computer engineer, cryptographer and consultant, said in an exclusive interview:
“Bitcoin Lightning, and Bitcoin in general, are great and very effective technology solutions that deserve to be widely accepted. This invention is brilliant, effective enough and powerful enough for the giant to embrace it. ”
The sudden decline in Bitcoin energy demand can be attributed to the fall in the hash rate. The minng hash rate serves as a key security measure, the computing power that BTC miners need to block mining successfully.
Bitcoin mining difficulty reached an all-time high of 231.428 PE / s on June 13, followed by a decline of more than -13.9% in a fortnight. The latest breakdown of the hash rate distribution shows that F2Pool and AntPool are the best known miners, with 81 and 80 blocks respectively removed in the last four days.
Read also: Scientists claim to have designed a fully decentralized stable, connected to electricity
A group of researchers, with federal funding, designed a class of stablecoin called Stablecoin Electricity (E-Stablecoin) that would transmit energy as a form of information.
As Cointelegraph explains, the E-Stablecoin would be hit with one kilowatt-hour input of electricity, plus tax, which could then be used for transactions in the same way as any stablecoin.