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Following the devaluation of bitcoin, its electricity consumption also decreased

BingMag.com <b>Following</b> the <b>devaluation</b> of <b>bitcoin,</b> its <b>electricity</b> <b>consumption</b> <b>also</b> decreased

After the value of bitcoin fell to its lowest level in recent days in June, the massive power consumption of this blockchain also dropped sharply.

In June of this year, bitcoin also experienced a sharp downward trend in its value. Experimented to cause concern to investors. But the interesting thing is that as the value of the cryptocurrency declined, so did its power consumption.

bitcoin, although a good platform for investors a few years ago, had a major problem, and that was Its power consumption was high. Still, those who mine bitcoins have to pay a lot of money for electricity. This has led environmental activists to express concern about the potential dangers of the cryptocurrency to the environment. 132 terawatt hours decreased, and this happened over a 12-day period (from June 11 to 23). On paper, this drastic reduction in consumption may be gratifying, but 132 TWh is still a very large number. For comparison, Argentina, with a population of more than 45 million, consumes about 132 terawatt hours of electricity a year. Naturally, the higher the value of bitcoin, the higher the power consumption because miners are motivated. They find more to extract it and buy newer equipment and products for this purpose. For example, in 2021, when the value of these cryptocurrencies reached $ 69,000, its annual power consumption reached about 180 to 200 TWh, which, if we compare it, was similar to the annual power consumption of all databases in the world./p>

Fortunately or unfortunately, the value of bitcoin has been declining sharply for months, but this has not caused the power consumption of these cryptocurrencies to decline as rapidly as its price is still above the key ceiling and enthusiasm. Miners continue to extract it. In general, if the price of Bitcoin stays above $ 25,200, its annual power consumption will remain at 180 TWh.

The main problem is that if the price of Bitcoin drops too much, the miners will lose a lot. They will suffer because they pay a lot of money for electricity and mining equipment, and if that happens, they will stop using old devices. Even so, owning one is still beyond the reach of the average person. Atrium power consumption also reportedly halved on Friday in late May. The price of these ciphers also dropped sharply during this month. It remains to be seen how long this situation will continue.

Source: The Verge

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