Bitcoin electricity consumption drops to November 2020 levels: data

The total annual electricity consumption of Bitcoin is estimated to be Plummet According to data from the Cambridge Bitcoin Electricity Consumption Index (CBECI), close to 60%, from a historical peak of over 143 terawatt hours (TWh) in May to 62 TWh in early July. This is the lowest energy consumption rate recorded since the beginning of November 2020.

At the time of writing, the annual electricity consumption of Bitcoin is estimated to be 67 TWh, while the cap consumption or the absolute maximum total electricity expenditure based on worst-case assumptions is 162 TWh, which is lower than the 520 TWh in mid-May.

The lower bound estimate corresponds to the absolute minimum total electricity expenditure based on the best-case assumption that all miners always use the most energy-efficient equipment on the market, and also drops from 47 TWh to 24 TWh.

Despite the global Regulators continue to blame Bitcoin (Bitcoin) Due to excessive energy consumption and related environmental disasters, according to some data, Bitcoin’s energy consumption has actually fallen sharply recently.

Bitcoin electricity consumption since January 2017. Source: CBECI

related: The Bitcoin Mining Commission survey estimates that the sustainable power portfolio in the second quarter is 56%

As mentioned earlier, Bitcoin’s parabolic bull market action Its price exceeds 64,000 USD In April Drove massive growth The electricity consumed by Bitcoin miners has sparked a major debate about the environmental impact of cryptocurrencies.After Tesla CEO Elon Musk, Bitcoin subsequently experienced a major sell-off Suspend Bitcoin payments Purchased a Tesla car on May 12.

Consistent with the Bitcoin price, the estimated electricity consumption of Bitcoin has been declining rapidly since the announcement, which has been further hit by China’s attack on the cryptocurrency mining industry.Rear Shut down crypto mining facilities In April of this year, the Chinese authorities implemented a A series of crypto mining bans In major crypto mining centers, including hydropower provinces such as Sichuan and Yunnan, as well as Xinjiang and Qinghai.