Monday, August 15, 2022

Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop

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The general energy consumption of the Bitcoin (BTC) community recorded a drastic drop after mimicking the two-week-long fall within the mining hash fee, which lowered the commuting energy for mining BTC blocks to 199.225 exahash per second (EH/s). 

In response to the data shared by the Cambridge Centre for Different Finance, the Bitcoin community recorded the 12 months 2022’s lowest energy demand of 10.65 gigawatts (GW). At its peak, the BTC community demanded 16.09 GW of energy.

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Bitcoin community energy demand from 2018-2022. Supply: ccaf.io

On June 16, a Cointelegraph report highlighted how the banking sector utilizes 56 times more energy than the Bitcoin ecosystem. Writer Michel Khazzaka, an IT engineer, cryptographer and advisor stated in an unique interview:

“Bitcoin Lightning, and Bitcoin, normally, are actually nice and really environment friendly technological options that should be adopted on a big scale. This invention is sensible sufficient, environment friendly sufficient, and highly effective sufficient to get mass adoption.”

The sudden discount in Bitcoin’s energy demand will be attributed to the falling hash fee. The mining hash fee serves as a key safety metric, the computing energy required by BTC miners to efficiently mine a block.

Bitcoin hash fee graph for 2022. Supply: blockchain.com 

Bitcoin’s mining problem reached an all-time high of 231.428 EH/s on June 13, which was adopted by over a -13.9% drop over two weeks. The newest breakdown of the hash fee distribution reveals F2Pool and AntPool as the most important identified miners with every mining 81 and 80 blocks over the past 4 days respectively. 

Associated: Scientists claim to have designed a fully decentralized stablecoin pegged to electricity

A gaggle of researchers, beneath federal funding, designed a category of stablecoin dubbed the Electrical energy Stablecoin (E-Stablecoin) that may transmit vitality as a type of info.

As defined by Cointelegraph, the E-Stablecoin can be minted by way of the enter of 1 kilowatt-hour of electrical energy, plus a price, which may then be used for transactions the identical means as any stablecoin.