Interesting facts about Bitcoin's energy consumption

By
Tokeneo
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1 min reading

After halving, which took place on 11 May, many miners disconnected their excavators from the network. According to the Digitomist, the energy consumption caused by bitcoin extraction fell by 24%.

bitcoin electricity

Interesting comparisons from Digiconomist

When, on 11 May, the prize awarded for mining the block was halved, many miners were forced to shut down their older excavators because they became unprofitable.

According to the Digiconomist, the electricity used in the Bitcoin network is equal to that used by all of Israel. The emission of carbon from cryptocurrency mining, on the other hand, is equal to that of the whole of Syria.

A single transaction made requires as much energy as an average American household consumes in 18 days.

Many of the older excavators, built specifically for the purpose of cryptocurrencies mining itself, which became unprofitable after halving, will go straight into the bin. Data from the Digiconomist show that the waste produced in this way is comparable to electronic waste produced throughout Luxembourg.

Difficulty in extracting Bitcoin

Although Bitcoin's energy consumption is terrible for the planet, the strength of its network depends on its mining mechanism. The miners secure Bitcoin's blockchain by verifying the transaction.

According to data from BTC.com, after halving, the difficulty of extracting the oldest cryptocurrency fell by about 6%. The adjustment of the difficulty is to ensure a constant 10-minute extraction time per block.

The next reduction of the difficulties is expected within the next 11 days. This may cause some miners who stopped mining because of the block award reduction may still return to the network.

As reported by Decrypt, after halving, only two companies, Antpool and BTC.com, control more than 50% of Bitcoin's hashrate. At the time of writing this article, this is 40%, according to Coin.Dance data.

What is your opinion on this subject? Can Bitcoin do more harm than good to humanity and our planet? We look forward to hearing from you.