The total power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall within the mining hash rate, which decreased the commuting power for mining BTC blocks to 199.225 exahash per second (EH/s).
According to the information shared by the Cambridge Centre for Alternative Finance, the Bitcoin network recorded the 12 months 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power.
Bitcoin network power demand from 2018-2022. Source: ccaf.io
On June 16, a Cointelegraph report highlighted how the banking sector makes use of 56 instances extra power than the Bitcoin ecosystem. Publisher Michel Khazzaka, an IT engineer, cryptographer and advisor stated in an unique interview:
“Bitcoin Lightning, and Bitcoin, in general, are really great and very efficient technological solutions that deserve to be adopted on a large scale. This invention is brilliant enough, efficient enough, and powerful enough to get mass adoption.”
The sudden discount in Bitcoin’s power demand will be attributed to the falling hash rate. The mining hash rate serves as a key safety metric, the computing power required by BTC miners to efficiently mine a block.
Bitcoin hash rate graph for 2022. Source: blockchain.com
Bitcoin’s mining problem reached an all-time excessive of 231.428 EH/s on June 13, which was adopted by over a -13.9% drop over two weeks. The newest breakdown of the hash rate distribution exhibits F2Pool and AntPool as the largest identified miners with every mining 81 and 80 blocks during the last 4 days respectively.
Related: Scientists declare to have designed a totally decentralized stablecoin pegged to electrical energy
A gaggle of researchers, below federal funding, designed a category of stablecoin dubbed the Electricity Stablecoin (E-Stablecoin) that will transmit power as a type of info.
As defined by Cointelegraph, the E-Stablecoin could be minted via the enter of 1 kilowatt-hour of electrical energy, plus a price, which might then be used for transactions the identical method as any stablecoin.