Bitcoin's energy consumption is up 41%

  • 14:17 Oct 19, 2022
  • 247
Bitcoin's energy consumption is up 41%

Earlier this year, the EU rejected a proposal for mining prohibition. However, we can see new steps to reduce the environmental impact of mining digital currencies.

According to a report from the BTC Mining Council, mining uses 0.16% of the world's electricity. The information is based on a Q3 analysis of 51 major mining companies. This level is classified as "insignificant" and is less than the amount of energy required by the gaming industry. The Council has a similar position regarding the level of carbon emissions, which is 0.10% of the global total.

The observed power consumption growth is caused primarily by the increase in hashrate (73% for the year). Moreover, such results were achieved against the background of a lower number of mined blocks and a price decline.

According to Glassnode, this is due to implementation into the network of hardware with higher efficiency. The other reason is participants with a large share of hash power.

The report points out that the increase in power consumption could reach a negative reaction from regulatory agencies studying the issue.

Pressure from environmentalists against miners is increasing. In particular, Greenpeace has launched a campaign to encourage the transition to PoS.

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