- Bitcoin Energy Consumption Increased 41% YoY (YoY) Despite Significant Improvements in Energy Efficiency and a More Diversified and Sustainable Energy Mix
- At the time of writing, the price of BTC is $19,222.07.
- The market capitalization of BTC has increased by 0.92 percent in the past 24 hours.
On the other hand, there are concerns that the rally could cause regulators to tighten restrictions encryption mining.
BMC says bitcoin mining uses an “irrational amount of global energy” and just 0.16 percent of the world’s energy, less than computer gaming uses.
BMC considered the 0.10 percent contribution of bitcoin mining to global carbon emissions negligible, despite the network’s hash rate increasing by 8.34 percent.
Fully Diluted Market Cap for BTC – $404,002,325,874
Network hash rate increased by 7.3% year-over-year in Q3 2022, resulting in an 8.34% increase in bitcoin power consumption despite the fact that fewer blocks were produced and prices increased.
The rise in hash rates, according to Glassnode, a blockchain data analytics firm, is a result of more efficient mining hardware and/or miners with stronger budgets gaining a greater share of the hash power grid.
Because they argue that a file Cryptocurrency Energy consumption is bad for the environment, and environmentalists are increasing their pressure on bitcoin miners.
Greenpeace is currently running a “Change the Code, Not the Climate” campaign to encourage the Bitcoin network to switch to Proof of Stake. On the other hand, the official account only has 1,100 followers at this point.
Union (EU) to take measures to mitigate the negative effects of the digital asset industry on the environment. Kanye West wears a Satoshi Nakamoto hat. Regulatory measures appear to lag behind those in the European Union.
In response to the sharp decline in Russia’s energy supply, the European Union (EU) has asked its member states to “implement targeted and proportionate measures to reduce the electricity consumption of crypto-asset miners.”
There is pressure to tighten regulation despite the European Union rejecting a proposal in March that would have banned outright encryption Mining: US regulations appear to lag behind those in the European Union.
Bitcoin power consumption
Over the past few decades, consumer interest in energy consumption and individual contributions to climate change has increased.
Many people became concerned about Bitcoin and expressed their disapproval of energy consumption when news reports began to circulate about the potential for negative effects.
According to one report, the amount of electricity required per Bitcoin transaction is 1,173 KW hours, or enough “to power a typical American home for six weeks.” According to a different report, Bitcoin’s annual energy consumption exceeds Finland’s annual hourly energy consumption, which is 5.5 million people.
Technology entrepreneurs, environmental activists and political leaders commented on the news.
Even Elon Musk, CEO of Tesla, made an announcement in May 2021 that Tesla would no longer accept Cryptocurrency As a boost because he was concerned about the impact on the environment.
Some of these people, despite their condemnation of the problem, have come up with solutions: How can we make Bitcoin use less energy? Once it was confirmed that the Bitcoin power issue might be overblown, others took a defensive stance.