The opinion matrix created on Bitcoin (BTC), electricity consumption and its alleged contamination, are losing more and more strength.
The University of Cambridge reports today, July 9 , that Bitcoin’s electric power consumption fell by 60% in two months, reaching October 2020 levels . The data was extracted from the Cambridge Bitcoin Electricity Consumption Index.
The study shows that Bitcoin currently consumes 67 terawatt-hours (TWh) , while last May it consumed 141 TWh, the highest electricity consumption in the history of the leading cryptocurrency.
The previous lowest electricity consumption by mining was in October 2020, when it was at 56 TWh , highlights the report.
The Cambridge data is close to that of a recently published study by the Bitcoin Mining Council. This study shows that the network consumes 180 TW / h.
In addition, in the survey, which was reported by CriptoNoticias, the Council founded in May 2021 with the support of some of the largest mining companies in the mining industry. Bitcoin, reported that 56% of BTC miners use sustainable energy .
It can be interpreted that the energy they consume the industry is increasingly efficient , without ceasing to provide its services and with a network that operates without any type of interruptions.
China and Iran contribute to the drop in electricity consumption
Another reason that has caused the drop in electricity consumption by Bitcoin, could be related to the latest events of miners in China.
It is worth remembering that the Chinese authorities forced the closure of Bitcoin mining facilities in 5 provinces : Sichuan, Inner Mongolia, Xinjiang, Qinghai and Yunnan, as reported by CriptoNoticias.
Such decision lowered the processing power of the Bitcoin network , which was largely contributed by companies operating in the Asian country. For the month of May, the hash rate reached 189 EH / s. It is currently at 91EH / s, according to Bitinfocharts.
Measures similar to China’s were recently taken in Iran. The Government of that country asked all cryptocurrency miners that operate legally to stop mining due to the supposed impact that the activity has generated on the country’s electricity consumption . This industry, according to the Government’s opinion, would be responsible for major blackouts nationwide.
China US hash rate transfer
Given the departure of several mining companies from Chinese territory, everything seems to indicate that between 30 and 40 percent of the processing power or hash rate of Bitcoin is will move from China to the United States in the remainder of this year, according to an investigation by the firm Hashrate Index, collected by CriptoNoticias.
