After the fall of the cryptocurrency market, many miners began to turn off obsolete equipment, as it became unprofitable. The energy consumption of the Bitcoin network has fallen by 25% in just a month.
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), back on June 6, the miners of the first cryptocurrency consumed 14.34 GW. Now the figure is 10.65 GW.
On an annualized basis, energy consumption decreased to 93.33 TWh. This is already below the consumption of countries such as Argentina (125 TWh) and Norway, but still more than the consumption of Finland (82 TWh). Back in May, the annual consumption of electricity by the network of the first cryptocurrency was estimated at 150 TWh.
The Energy Consumption Index is calculated on the basis of a “payback rate” that takes into account “different types of equipment”. In the event of a fall in the price of bitcoin, mining on old and inefficient devices becomes unprofitable.
Now bitcoin miners have significantly increased the sale of coins to support their activities. If earlier most of the mined BTC remained on miners’ wallets in the hope of continued growth in the rate, now the inflow of coins from miners’ wallets has reached a maximum over the past 7 months.
Earlier it was reported that the fall of the cryptocurrency market led to a mass sale of top video cards by Russian miners in the secondary market.
Source: Bits
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