Bitcoin Is Using Less Energy Despite Record Hash Rate, New Data Shows
Bitcoin (BTC) energy consumption is becoming rapidly more efficient, new data shows as hash rate continues to hit record highs.
Record hash rate with less power
Data from aggregator Statista accessed on Sept. 5 showed that despite more computing power being dedicated to Bitcoin mining, less electricity is required to fuel it.
According to one chart, energy consumption as of July was 69.79 terawatt hours per year. In July 2018, the figure was 71.12 terawatts, while hash rate was almost 60% lower than at present.
Bitcoin annual electricity consumption. Source: Statista
As Cointelegraph reported, hash rate measures the overall computing power involved in Bitcoin transaction processing. The metric passed 80 quintillion hashes per second in August, and currently lies at just under 90 quintillion. In July 2018, the number was around 40 quintillion.
Bitcoin mining gets eco-friendly
The data thus fits into the overall trend for miners to become more ecologically aware. As Bitcoin prices recovered this year, multiple operators announced attempts to improve efficiency.
A study in June found that three-quarters of Bitcoin mining activity is powered by renewable energy sources.
Hardware manufacturers have further sought to develop new devices with greater capabilities and lower energy demands, such as Bitmain’s 7nm Antminer, which debuted last November.
Electricity nonetheless remains a popular topic among third parties, some of which allege the industry’s consumption makes it a morally questionable activity.